The South African rand was one of the weakest currencies on the Forex market today. The reason for such poor performance was the decline of prices for raw materials.
The rand was the second weakest of emerging-market currencies during Monday’s trading while the first one was the Turkish lira. The South African economy depends of its commodity export, and raw materials did not perform that well lately. In fact, gold had sunk more than 5 percent today, though it has trimmed its losses significantly afterwards.
USD/ZAR advanced from 12.3718 to 12.4247 as of 11:59 GMT today, reaching the high of 12.4758 intraday.
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