The rand has became the world’s most oversold major currency after the biggest monthly decline since September 2011, according to trading patterns.
As equity markets in the East and West faltered and bond yields in the US climbed, emerging market currencies, particularly the rand, got trounced.
President Jacob Zuma and his Cabinet are putting on brave faces in the wake of a catastrophic economic week. But will investors buy their new plan?
President Jacob Zuma has tried to play down the effect of labour unrest on the economy but managed to trigger a nearly 3% plunge in the rand.
Labour unrest that has taken new and more challenging forms is compounding the effects of slumping commodity prices.
President Jacob Zuma on Thursday tried to reassure investors that South Africa remained a safe destination, despite tensions in the mining sector.
Yields on 13-year bonds have risen the most in seven months, amid a selloff by foreign investors on speculation a weakening rand will stoke inflation.
Cosatu says the South African Reserve Bank has "missed yet another opportunity" to alleviate unemployment by keeping the repo rate unchanged.
Explosive mining sector has brought investors’ attention to rising costs and risks.
Although the rand has plummeted to a near four-year low, market experts say it is not likely to drop further ahead of anticipated inflation data.
As expected, the reserve bank left the repo rate unchanged at 5% at its monetary policy committee (MPC) meeting.
The rand has held steady against the dollar in early trade but looked vulnerable after hitting a four-year low in the previous session.
Rand reportedly continues to perform poorly due to ratings downgrades, labour unrest and slow economic growth.
The rand retreated from a tough resistance barrier and languished in a recent range as uncertainty about the ANC election has kept investors jittery.
The rand continued to drift upwards against the dollar after coming close to a 3-1/2 year low last week.
Finance Minister Pravin Gordhan says labour strikes in the mining sector may have hurt the rand but the currency will bounce back.
The volatile rand again bore the brunt of global risk-off trading and weakened to R8.37 against the dollar this week, its lowest level this year.
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/ 2 February 2012
The rand has steadied against the dollar after hitting near five-month highs earlier, with dealers seeing it maintaining its firmer tone.
The rand has regained strength ahead of a meeting between IMF chief Christine Lagarde and Pravin Gordhan on Friday to discuss its volatility.
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/ 6 September 2010
A study using 30 years of data shows there is no meaningful relationship between a weaker rand and a rise in South African manufacturing production.
The rand has so far been one of the strongest currencies this year. Last year it was one of the weakest.
The rand shruggs off uncertainty ahead of the announcement, expected this week, by Jacob Zuma of his choice of Cabinet.
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/ 10 February 2009
Zimbabwe is not planning to adopt the rand, Business Report said on Tuesday, citing the country’s central bank.
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/ 22 October 2008
The rand fell to a new, six-and-a-half-year low against the dollar on Wednesday, and local stocks also plunged on falling commodity prices.
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/ 21 October 2008
The rand weakened against the dollar on Tuesday, tracking losses in the euro, but should find some support during the session, traders said.
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/ 16 October 2008
The rand slumped overnight, moving above the R10-a-dollar level, and was early on Thursday morning trading at its worst levels since August 2002.
It is "not bad" if the rand stays around current levels rather than heading to R8 to the dollar, says a senior derivatives dealer.
The rand weakened further on Friday morning as the dollar posted further gains against the euro.
The Bureau for Economic Research says in its third-quarter 2008 prospects report that South Africa’s economy faces a tough road ahead.