South Africa's rand plummets to new low on finmin sacking fallout - CNBC Africa

South Africa's rand plummets to new low on finmin sacking fallout

Southern Africa

by Reuters 0

South Africa's rand plummets to new low on finmin sacking fallout. Photo: Wikimedia

South Africa's rand weakened sharply against the dollar on Friday, shedding over 3 percent to a new record low on the sell-off triggered by the firing of the finance minister.

By 1025 GMT the rand had weakened 2.42 percent to 15.8500 per dollar, pulling slightly back from a slide to the psychologically crucial 16.00 level.

"The main risk is that we might see the Reserve Bank call an emergency meeting to increase interest rates. It's something that they could do considering the rand has lost 10 percent of its value in the last week," ETM Analytics currency analyst Jana van Deventer said.

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