South Africa's rand weakens as US rate hike bets lift dollar

13 May, 2016

JOHANNESBURG: South Africa's rand fell 1 percent against the dollar on Friday, mainly reflecting the greenback's broadbased gains as investors speculated that US interest rates were still on track to rise this year.

The rand hit a session trough of 15.2000/dollar, and was down 0.86 percent on the day at 15.1780 by 1020 GMT.

Some of its losses came after Standard & Poor's said it was concerned about South Africa's dismal economic growth and its reliance on capital flows.

Copyright Reuters, 2016

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