The South African rand dropped today, reaching the lowest level since 2008 against the US dollar, as the nation’s current-account deficit narrowed less than was predicted by analysts.
The current-account gap shrank to 6 percent of gross domestic product in the third quarter of this year from 6.3 percent in the previous three months. Specialists have promised a decline to 5.8 percent. This week should be important for the rand as Fitch Ratings and Standard & Poorâs will review South Africa’s credit rating on Friday.
USD/ZAR climbed as much as 1.53 percent to 11.5337 as of 15:41 GMT today, reaching the high of 11.5720 intraday.
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