Third Day of Losses for Rand Due Egyptian Crisis
The South African rand dropped to the lowest level in more than five months on the worries that Egyptian crisis will intensify and as the global inflationary pressure increases.
The concerns that the unrest in Egypt will strengthen emerged after Egyptian President Hosni Mubarak refused to accept the demand of the protester to resign the presidency. The threat of the increasing tensions in North Africa caused the market sentiment to shift to risk aversion and hurt the riskier assets.
USD/ZAR was at 7.3130 as of 14:46 GMT after it opened at 7.2680 and reached 7.3450, the highest level since September 1.
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Earlier News About the South African Rand:
- South African Rand Drops on Civil Unrest in Egypt (2011-02-04)
- Rand Drops for Fourth Day on Weaker Commodities & Strong Dollar (2011-01-06)
- South Africa's Rand Gains for Fourth Day on High Interest Rates (2010-12-23)
- Rand Falls as Fundamentals are Unfavorable for Riskier Currencies (2010-12-08)
- Rand Gains on China's PMI & US Consumer Confidence (2010-12-01)
