Rand collapse continues as speculators close in
MARKET NEWS
JOHANNESBURG -- The South African rand continued its dive against the US dollar last week, as speculators continued to sell the currency aggressively.
The rand -- which has already lost over 40% of its value against the greenback this year -- slipped to 11.15 rand per dollar late last week from 10.80 in early trading. And, said local dealers, the government and the South African Reserve Bank have virtually no options to stem the one-way flow.
"The currency is basically viewed by speculators as a
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