Rand continues to take dollar pummelling
STOCKS ended in the red and the rand weakened against the dollar yesterday, reacting to falls in commodity prices which tumbled to multiyear lows on worries over a glut in supply and slower global economic growth.
On the foreign exchange market, the rand hit a record low of 14.4290, in line with its emerging market peers after lower-thanexpected US retail sales failed to deter dollar bulls. At 1536 GMT the rand was 0.66 percent weaker at 14.4100 .
The blue chip Top-40 index ended 1.73 percent down to 45 979 points and the broader All-share index slipped 1.65 percent to 51 199 points.
Bullion producer AngloGold Ashanti closed 3.3 percent down at R96.09, as gold steadied near six-year lows but stayed on track for a fourth straight weekly loss, hurt by expectations the US Federal Reserve will raise interest rates next month for the first time in a decade.
“The US interest rate decision is having an effect across the market and all the stock exchanges around the world have been coming off and everything is red today,” BP Bernstein trader, Roberto Visetin said.