* Weak global economic outlook hits the rand
* China’s March imports disappoint for emerging markets
* IMF warns developing nations on a commodity price slump
By Vuyani Ndaba
JOHANNESBURG, April 10 (Reuters) – South Africa’s rand fell
to a 2-1/2 month low against the dollar on Tuesday as investors
dumped riskier emerging market assets for safer-haven currencies
such as the Japanese yen, owing to a weak global economic
outlook.
The rand led the list of losers against the U.S
dollar in 20 emerging market currencies tracked by Thomson
Reuters.
It hit 8.0015 against the greenback at 1400 GMT, a level
last seen on January 23, a loss of 1.40 percent on Monday’s
close of 7.8875, according to Reuters’ data.
“We have seen some of the commodity prices not doing
particularly well on the day,” said George Glynos, managing
director at financial consultancy ETM.
“I think that weighs particularly well, the rand is getting
hit and I suspect there is thin liquidity issues at play as
well,” Glynos said.
Continued…
