The South African rand continued to decline today as the threat of strikes among agriculture workers deterred investors from buying South Africa’s assets.
Last year, the mining sector was the major source of problems for the country’s economy as workers were constantly demanding wage increases. This year, it looks like the agricultural industry wants to follow suit. Continuous labor unrest definitely does not help to attract investors and that is weakening the South African currency.
USD/ZAR rose from 8.5689 to 8.6023 as of 16:33 GMT today, rebounding from the intraday low of 8.5305.
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