South African rand weakens as global risk aversion boosts the dollar
The rand weakened on Thursday as global risk aversion drove investors toward the dollar. Falling gold prices and market volatility weighed on the currency.
Insights:
The South African rand weakened above the 16 level against the U.S. dollar today, following a cautious global mood that triggered a broad selloff in emerging-market assets . This overnight shift in risk sentiment saw the South African rand emerge as one of the worst-performing currencies in the foreign exchange market , as investors sought safety in a strengthening U.S. dollar .
