Currencies
Rand Tumbles Above 19 as Dollar Strengthens on US Jobs Data
- Unit on track for worst emerging-market performance in week
- 20 to the dollar not off the table for rand, says Wells Fargo
The rand is headed for its fourth straight week of declines against the dollar.
Photographer: Leon Sadiki/BloombergThis article is for subscribers only.
South Africa’s rand plunged to the weakest level in nine months against the dollar after US jobs data came in far stronger than expected, more evidence that interest rates there could stay higher for longer.
The currency breached 19 to the US unit for the first time since June, raising concerns it could soon hit a record low if the downward pressure continues. The rand traded at 19.12 per dollar at 4:39 p.m. in Johannesburg.