Thursday saw the South African rand sink to its lowest rate since late last month against the U.S. dollar, according to Bloomberg.
The currency of the African continent's largest economic system was pulled down by uncertainty in Greece as the Aegean nation is to endure another delay for disbursal of international bailout funding, according to Reuters. European creditor countries were working to reconcile differences and ease the process for Greece to acquire its funding, which now appears to be scheduled for next week.
"This morning, bond (yields) open up higher on weaker rand and negative sentiment out of the euro zone," Steve Arnold of Investec Bank told Reuters. "We are close to upper resistance levels so it will take some big bad news to take us much higher."
The rand drove to its lowest value against the dollar since late January amid minimized demand for more risky assets while also falling in value against the 17-nation common currency.
Thursday also saw futures for copper, nickel and platinum drop for the second time this week, which also harms the rand since nearly two-thirds of South Africa's exports last year were commodities, Bloomberg indicates government data notes.
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