Rand falls to 6-year low
The rand is reportedly under pressure due to general risk aversion and worries over continued power outages.
JOHANNESBURG - The rand has tumbled to 6-year lows against major currencies.
The local currency is trading at around R11,88 to the dollar and R18,13 to the pound.
Reports say the rand is under pressure due to general risk aversion and worries over continued power outages.
The Greek debt crisis has also weighed in on global market sentiment and emerging-market currencies have weakened.
Chief Executive Officer of Intrepid Capital and currency specialist, Brigid Taylor, says the Greek crisis has added pressure.
"As an emerging market with slow growth and slow inflation we may suffer from a deflation environment."
This has been the rand's weakest level against the greenback since March 2002.