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South Africa’s rand plunges as emerging currencies decline

Posted on 24 January 2013

The South African rand tumbled to a four-year low versus the U.S. dollar Wednesday, as negative sentiment over the country’s economic prospects triggered a selloff ahead of an interest-rate announcement.
On Wednesday, speculative investors prepared for the South African Reserve Bank’s policy announcement Thursday by testing–and breaking–the dollar’s market-implied ceiling against the rand at around ZAR9.0. The central bank is expected to cut key rates by 0.25 percentage point to boost the country’s flagging economy………………………………………..Full Article: Source


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