South African Rand Weakens to Lowest Level Since October
- Decline sparked by worst economic contraction in a decade
- Debate around the central bank’s role also weighing on rand
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South Africa’s rand weakened past 15 per dollar for the first time since October, extending a decline sparked by the worst quarterly economic contraction in a decade and a ruling-party debate about the mandate of the central bank.
The currency weakened as much as 0.9% to 15.0081 per dollar before paring the decline to trade at 14.9628 by 5:12 p.m. in Johannesburg. A sustained move above 15, the 76.4% Fibonacci retracement level, would set up a move toward the September high of 15.69.