The South African Rand fell today as the speculation that Standard & Poor’s may issue a default rating for Greece reduced attractiveness of riskier currencies.
S&P said yesterday that the rollover plan for Greece can result in a “selective default” rating. Platinum, one of major export revenue sources for South Africa, fell by 0.8 percent per ounce. The rand reversed its decline, but currently remains below the opening price.
USD/ZAR traded at about 6.7130 as of 11:48 GMT today after it jumped from 6.7070 to 6.7470.
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