The South African rand resumed its decline against the US dollar today as fears of labor unrest in the country remain even as protests subsided and workers started to go back to work.
Protesters in the Western Cape province agreed to pause their strikes to allow negotiations on wages, while Anglo American Platinum Ltd. said that its employees returned to work today. Still, worries about the continuous labor unrest remain, undermining the rand. Fitch Ratings has cut South Africa’s credit grade earlier, detracting investors from nation’s assets.
USD/ZAR rose from 8.8005 to 8.8011 as of 17:36 GMT today.
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