The currency of the nation hosting the African continent's top economic system endured its steepest fall in two weeks as a consequence of waning confidence in the two-day meeting set to kick off on Thursday. The European Central Bank also is set to convene on Thursday, for which investors are devoting large amounts of attention and scrutiny.
For two years, the debt scourge has torn through regional banks and public finance systems, leaving nations on the brink of insolvency with no choice other than to seek international bailout aid. Shivers prior to yet another meeting set to solve the debt scourge weighed heavily on the monetary units of emerging market nations, like that of South Africa.
Shortly prior to 5 p.m. on Wednesday in South Africa, the rand fell 0.9 percent to the U.S. dollar, the monetary unit's largest drop to the dollar since November 23. The rand lost 0.6 percent of its value to the 17-nation shared currency.
EU summit attendees will have to make rapid decisions that directly impact how European systems function, according to The Financial Times.
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