South African Rand Down on Rally Concerns

The South African rand had the first week of decline this month as speculations suggested that the currency’s rally could be a problem for the country’s economic future.

After gaining more than 25 percent this year versus the U.S. dollar and ranking among the top emergent market currencies in foreign-exchange markets, discussions among politicians and the central bank regarding the rand’s level started to emerged, forcing a decline for the South African currency this week versus most of the 16 main traded currencies.

USD/ZAR closed the week at 7.5825 from an opening rate of 7.5650 today.

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