Rand falls 15% this year

Trade report 30/05/2013

The rand slipped to a new four year low against the dollar on Wednesday as disappointing economic growth figures and fears of strikes in the mining sector pushed foreign investors to sell local bonds and reignited concerns over the currency. The rand has fallen over 15% this year and on Wednesday reached a low of R9.85, coming wit in range of the psychological R10/$ mark.

In international news, the Organisation for Economic Co-operation and Development (OECD) said on Wednesday that Eurozone will fall further behind US and Japan this year. The OECD forecast the world economy would grow 3.1% in 2013 and 4% in 2014, at its twice-yearly economic outlook. In contrast the OECD forecast the Eurozone economy to contract by 0.6% in 2013 and then returning to growth by 1.1% in 2014.

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