THE rand has hit a historic low of R7,2450 to the US dollar, a fall that driven by weakness in the euro. Dealers said offshore and local banks that continued to offload large amounts of rands exacerbated the slide. Another increase in crude oil prices to $36 a barrel drove the dollar firmer against all other major currencies, being the only unit in which crude oil can be bought. The euro sank to new record lows against the dollar after speculation that the Group of Seven industrial powers may not band together to halt the single currency’s slide when they meet this weekend. The euro’s latest setback comes after US Federal Reserve Bank of Richmond President Alfred Broaddus said that its recent falls raised questions about its longer-term survival, although he added he believed the euro would survive. – Reuters