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."
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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