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Rand hits four year low

The ongoing industrial action has been blamed for the Rand’s poor performance against the US Dollar.

The ongoing industrial action has been blamed for the Rand’s poor performance against the US Dollar. Picture: EWN

JOHANNESBURG - The Rand hit a new four year low on Wednesday.

It fell past the R10.50 cents to the US dollar level.

The local currency has been under pressure due to among other factors, labour instability.

The Rand has lost value for three consecutive days, but other emerging markets like India and Turkey have also suffered.

Investment Solutions' Chris Hart says several factors are to blame.

"Other emerging markets are experiencing similar challenges. However, it's magnified in South Africa because of things like strikes and the current deficit."

He says analysts are now waiting to see if the Rand will weaken further to the R10.60 to the US dollar level.

STRIKE SEASON

Meanwhile, analysts have warned that the ongoing strikes are threatening the South African economy.

Several industries including the transport industry are currently on strike to demand higher salaries.

National Union of Metalworkers of South Africa (Numsa) has warned that petrol attendants and car dealership workers will join their ongoing strike next week.

Industrial action also started this week in the construction and airport sectors, but their impact has been limited so far.

At the same time, the National Union for Metalworkers (Num) has rejected a final wage offer made by the Chamber of Mines.

The union wants a 12 percent salary increase.