The South African rand slumped today as the nation’s current account deficit surged more than expected because of slowing global economic growth that damped demand for South African exports.
The shortfall rose to 4.9 percent of South Africaâs gross domestic product in the first quarter of this year up from 3.6 percent in the previous quarter. The median forecast was 4.5 percent. The problems of Europe hurt demand for commodities and that, in turn, harm economies that rely on export of raw materials.
USD/ZAR surged from 8.1830 to 8.3360 as of 16:57 GMT today.
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