SOUTH African President Thabo Mbeki says he can see no reason for the rand’s dip to record lows against the US dollar last week. The volatile rand hit a record low of 8.03 against the dollar last Friday, which traders said was mainly on the back of a weaker euro, the currency of South Africa’s biggest trading partners. Mbeki said Reserve Bank governor Tito Mboweni was at a loss to explain why the rand was under attack. The rand has lost 25% of its value against the dollar since the start of 2000, hit by a combination of a strong dollar, concerns over sluggish domestic economic growth, a delayed privatisation programme and political and economic turmoil in neighbouring Zimbabwe. – Reuters