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Economists concerned the rand will continue its freefall

The US Looks set to raise interest rates next week which will also affect the rand.

Picture: Reinart Toerien/EWN.

JOHANNESBURG - Economists are concerned that the rand will continue its freefall if there is no direct intervention from the reserve bank.

The local currency has dropped to record lows breaking through 24 rand to the pound.

The US Looks set to raise interest rates next week which will also affect the rand.

For a second day the rand continued to plummet with major losses on the JSE.

LISTEN: Economist discusses the state of markets.

The announcement on Wednesday that Nhlanhla Nene had been fired as the finance minister sent the currency into a tailspin.

Independent economist Thabi Leoka said, "I didn't expect it to increase to this extent but given the unexpected news recently I think that the rand is freefalling."

The JSE has also come under major pressure with bank shares taking a major knock.

Chris Hart from Standard Bank Wealth and Investments says the rand has hit record lows.

"The combination of weak bonds and the weak rand indicate that there has been a huge dent in confidence because those two are the best measures for confidence."

A number of companies have been also recorded major losses with only a few positive stories on the JSE.