The rand’s vertiginous slide over the past few days has caused concern among South Africans, prompting economists to urge new finance minister David van Rooyen to hike interest rates. The local currency broke through the R16 barrier to the U.S. dollar, and R17 to the Euro on Friday, two days after President Jacob Zuma fired Finance Minister Nhlanhla Nene, replacing him with Van Rooyen, a largely unknown MP.
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