South African Rand Drop ’Somewhat’ Exaggerated: Mminele

The movements of South Africa’s rand, which weakened to a four-year low against the dollar, are “somewhat exaggerated,” the central bank’s Deputy Governor Daniel Mminele said.

The rand, which breached 10 versus the dollar yesterday for the first time since March 2009, has underperformed compared with peers from other commodity-producing and emerging market countries, Mminele, who heads the lender’s financial markets department, said in a speech to bankers in Pretoria.