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South Africa rand hits all-time low

  • 24 August 2015
  • From the section Africa
Rand notes and coins
The rand fell more than 2% against the dollar when the currency market opened on Monday

South Africa’s currency has fallen to an all-time low against the US dollar.

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It briefly hit a rate of 14 rand to the dollar amid concerns about the strength of the Chinese economy, reports the Reuters news agency.

Economies that rely on the sale of commodities – such as South Africa’s – have been hit by the slowdown in growth in China, a major source of demand.

The problem was compounded when China unexpectedly devalued its currency earlier this month.

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