The South African rand on Friday marked its seventh consecutive trading session of losses against the U.S. dollar, dropping to its lowest value in about four years against its rival, Bloomberg reports.
Violent uprisings and protests at South African mines are tugging down the monetary unit of the largest economy on the African continent. The mining sector contributes more than 50 percent of South Africa's export earnings. The rand has dropped 5.6 percent against the dollar during the past six months.
Currency strategist John Cairns with Rand Merchant Bank in Johannesburg told Bloomberg on Friday in an email that the violence at mines is the most important factor that is influencing the performance of the monetary unit. He also noted that the central bank of the U.S. might be poised to slim down its monetary stimulus program.
Losses for the rand this week against the U.S. dollar have climbed as high as 3.2 percent.
On Friday, Reuters reports the highest-ranking official with the largest union for mining platinum in South Africa demanded a meeting with leader of the country, raising the specter of the 18-month dispute.
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