The South African rand sank to the new record low during the current trading session as bad news from China continued to hurt risky currencies of emerging economies.
The rand tumbled almost 9 percent intraday before limiting its decline to about 1.5 percent as of now. The drop was the biggest since October 2008. The reason for the decline was yet another bunch of bad news from China that kept the market in the risk-negative mode, hurting currencies of emerging markets.
USD/ZAR advanced from 16.3718 to 16.5538 as of 11:03 GMT today, climbing to the all-time high of 17.8312 intraday.
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