/ 3 May 2000

RAND SINKS TO NEW LOWS

THE rand sank through a key resistance level on Wednesday to trade at R6,83 to the dollar, hit by fresh selling sparked by news that Zimbabwe’s President Robert Mugabe wanted whites to leave the country. “The rand traded at R6,83 to the dollar on Mugabe’s comments — but it might top out at around the R6,83 to R6,84 level,” one foreign exchange dealer said. Earlier on Wednesday, the rand was trading at R6,76 to the dollar versus R6,78 late on Tuesday. It hit a record low of R6,87 to the dollar last week.