South Africa’s Rand Hits Fresh Record Low as Risks Stack Up
- Rand is the worst-performing emerging-market currency in May
- Politics, power cuts, stronger dollar and weaker China weigh
This article is for subscribers only.
South Africa’s rand slumped to a fresh record low against the dollar on a combination of worsening diplomatic tensions and economic risks.
The rand dropped as much as 1% to 19.87 per dollar, making it the worst performer this month among emerging markets. Its slide this year, only topped by the Argentine peso, is leading traders to look at an unprecedented breach of 20 per greenback.