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Article: South Africa : South Africas Rand Advances Against Dollar on Exporter Buying.
- Article from:
- TendersInfo
- Article date:
- August 14, 2008
CopyrightCOPYRIGHT 2008 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: sander03
South Africa's rand fell for a seventh day against the dollar as gold and platinum prices slumped to their weakest levels this year, reducing prospects for earnings from the nation's biggest exports.
The rand pared a gain of as much as 1 percent as the precious metals dropped on concern a global economic slowdown will trim demand for raw materials. South Africa produces almost 80 percent of the world's platinum and about 10 percent of the gold, and the rand often moves in tandem with their prices.
``The rand is getting a double whammy from a stronger dollar and sharply lower commodity prices,'' said Lucy Bethell, an ...