{"id":10904,"date":"2012-05-30T22:24:24","date_gmt":"2012-05-30T20:24:24","guid":{"rendered":"http:\/\/www.myza.co.za\/05\/s-africas-rand-plunges-to-6-month-low-vs-dollar\/"},"modified":"2012-05-30T22:24:24","modified_gmt":"2012-05-30T20:24:24","slug":"s-africas-rand-plunges-to-6-month-low-vs-dollar","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/s-africas-rand-plunges-to-6-month-low-vs-dollar\/","title":{"rendered":"S.Africa’s rand plunges to 6-month low vs dollar"},"content":{"rendered":"

\t\t<\/span><\/p>\n

* Rand dragged by euro to fresh 2012 low vs dollar<\/span><\/p>\n

<\/span><\/p>\n

* Exporters may come in, otherwise 8.60\/61 level is next<\/p>\n

<\/span><\/p>\n

JOHANNESBURG<\/span> May 30 (Reuters) – South Africa’s rand fell to
\na new 2012 low against the dollar on Wednesday and was among the
\nhardest hit by a stampede away from riskier assets with
\ninvestors unnerved by the deteriorating euro crisis.<\/p>\n

<\/span><\/p>\n

The European debt crisis appeared to deepen on Wednesday
\nwith Italian and Spanish bond yields climbing again and showing
\nthe vulnerability of the currency union.<\/p>\n

<\/span><\/p>\n

The rand lost 2.5 percent against the dollar and
\nfell to a six-month low of 8.5250 in the afternoon session. It
\nclosed at 8.32 in New York on Tuesday.<\/p>\n

<\/span><\/p>\n

It was the weakest-performing currency in a basket of
\nemerging market currencies trading against the dollar and
\ntracked by Reuters, with investors using the rand to hedge other
\nrisky positions.<\/p>\n

<\/span><\/p>\n

Having broken through previous support at 8.45 and 8.50,
\ndealers say 8.60\/61 is next up during the wave of heavy selling.<\/p>\n

<\/span><\/p>\n

“We are now in the panic phase of the sell-off, and risk
\nmarkets are very fragile, so moves could be much more violent
\nand quicker to the downside. The rand is now open to 8.60,” said
\nBrigid Taylor, trader at Nedbank.<\/p>\n

<\/span><\/p>\n

Dealers say that with the euro – the currency of South
\nAfrica’s major trading partner – looking towards $1.22, the rand
\nmay suffer the worst of the brunt against risky assets.
\n\u00a0 Continued…<\/strong><\/span><\/p>\n

<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

* Rand dragged by euro to fresh 2012 low vs dollar * Exporters may come in, otherwise 8.60\/61 level is next JOHANNESBURG May 30 (Reuters) – South Africa’s rand fell to a new 2012 low against the dollar on Wednesday and was among the hardest hit by a stampede away from riskier assets with investors […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-10904","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/10904","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=10904"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/10904\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=10904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=10904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=10904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}