Tuesday saw the South African rand slip in value to the U.S. dollar as concerns persisted regarding the laggardly pace of growth in the world, Bloomberg reports.
The monetary unit of the largest economic system on the African continent has adverse responses to financial and economic developments due to its trade and commerce of native products. The debt-hobbled euro zone is a top partner for trade to South Africa.
"Growth concerns are likely to remain very much the focus," states an email penned by currency strategist Nomvuyo Guma with Standard Bank Group in Johannesburg, according to Bloomberg. "This implies the potential for further weakness in the rand."
The South African rand was hurtling toward a second consecutive trading session of losses against the U.S. dollar due to the global economy's gloomy outlook, according to Reuters.
South African stocks also were driving lower in value, marking a third consecutive trading session of losses, Reuters reports. The driver of the stock losses is China's slowing growth as the Asian nation is one of the globe's top consumers of commodities.
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