Rand hits a six-week low

THE RAND fell to a six-week low to the dollar as increased political risk in South Africa combined with growing expectations that the US might raise interest rates this year weighed on the currency. The rand declined as much as 1.2 percent to the lowest since July 15, retreating for a seventh day, the longest losing streak since January. It was 0.5 percent weaker at R14.4443 to the dollar at 3.41pm in Johannesburg. The currency has lost 4.2 percent against the dollar this month, making it the biggest loser among 31 major and emerging market currencies tracked by Bloomberg, after a police unit ordered Finance Minister Pravin Gordhan to report to its offices. Gordhan, who is at odds with stateowned companies, has denied wrongdoing. – Bloomberg