World Economy

Rand’s Sharp Fall

Rand’s  Sharp FallRand’s  Sharp Fall

South Africa’s rand tumbled more than 2% to a 13-year low and government bonds slid sharply, as emerging markets were heavily sold off after US job numbers strengthened the case for the Federal Reserve to hike interest rates, Reuters said. The rand hit a session trough of 12.1060 against the dollar, its weakest level since March 2002.