/ 3 August 2000

RAND WEAKENS ON ZIM DEVALUATION

THE RAND is trading weaker as investors focus on the devaluation of the Zimbabwean dollar and a nationwide strike in that country today. The unit weakened to R7.02 to the US dollar overnight on news that the Zimbabwean government had devalued the local dollar by 24 percent and is hovering around that mark today. ”Official news of the devaluation knocked the rand to 7.02 against the dollar. This was fuelled by a strong dollar against the euro,” SG Securities said in its research notes. – Reuters