Rand weakened to 3-week lows, JSE also drops

JOHANNESBURG – The rand slipped to its weakest in three weeks yesterday as traders opted to bank small profits from the currency’s dip below a crucial technical mark with creeping concerns about credit downgrades souring sentiment.

At 5pm, the rand was bid at R13.1683 to the dollar, 14.71c softer than at the same time on Tuesday. It had earlier slid to R13.1775, its worst level since August25.

Early trade saw the rand push below the 13 psychological mark as steady gold demand on the back of a bout of global risk aversion, attracting some long buyers as the unit approached the …read more