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Rand weakens further in 2014

The currency was almost one percent weaker in early trade on Thursday morning.

Economist Dawie Roodt believes the situation won’t improve in the year ahead. Picture: Supplied.

JOHANNESBURG - The rand remains weak on the first day of trading in 2014.

The currency was almost one percent weaker in early trade on Thursday morning.

It fell by 19 percent against the United States (US) dollar in 2013.

The plummeting rand has been attributed to a sharp decrease in the price of metals, labour unrest and poor economic growth since 2008.

Economist Dawie Roodt believes the situation won't improve in the year ahead.

"We've got a huge current account deficit, simply saying that we import far more than what we export. We consume much more than what we produce.

"Another reason is that emerging currencies are likely to remain under pressure during 2014."