South African Rand Down on Commodities, Dubai Debt
TAfter Dubai announced that it intends to delay debt payments, emergent markets and commodities fell worldwide, declining attractiveness for the South African currency in
Emergent markets were the most affected today after Dubai World, the nation’s investment company affirmed that debt payments will be delayed, setting confidence levels down among traders that preferred to opt by safer bets than those available in emergent markets, forcing the rand down.
USD/ZAR closed at 7.3720 from an opening rate of 7.3676.
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Earlier News About the South African Rand:
- Rand Advances as Recession Officially Ends (2009-11-24)
- South African Rand Down on Rally Concerns (2009-11-20)
- Gold Hits Record High Pushing South African Rand Up (2009-11-09)
- South African Rand Top Weekly Currency on Gold Rise (2009-11-07)
- South African Rand Down on Press Speculations (2009-10-23)