Rand plunges against the dollar

More hardship faces South African consumers as the Rand plunged to just under $ 15 overnight.

The Rand dropped the most in almost a decade and Mexico’s peso declined as Turkey’s ongoing economic crisis sent investors fleeing from emerging market assets.

The currencies plunged as Turkey’s lira extended its precipitous slide after President Recep Tayyip Erdogan showed no signs of backing down in a standoff with the U.S. administration.

As investors worry about the country sliding toward a full-blown financial crisis, traders are taking the opportunity to reduce positions in developing nation securities.

Uncertainty about the ANC’s policies on land and mining have also contributed to the Rand’s almost 17 percent drop against the dollar so far this year.

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The rand fell almost 5 percent as of 11:57 a.m. in Tokyo after sliding as much as 9.4 percent to 15.5517 per dollar, the most since 2008.

The Rand is currently trading at GBP 18.57 and USD 14.56.

The gold price also drifted lower to trade at $ 1 207 overnight.

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