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Currency slides to weakest levels in 18 months

    JOHANNESBURG

    The South African rand has dropped against a buoyant US dollar to its weakest levels in 18 months.

    The currency slid to nearly R6.60 to the dollar, but recovered at the close of trading to reach R6.5735. By Friday morning, it was trading near R6.56 against the dollar and close to R10.50 against the pound.

    Economists attributed the slide to a strong dollar, a sharp technology stock sell-off on global markets, a lower gold price, and fears of rising inflation. They also cited concerns about the ailing economy of neighbouring Zimbabwe and the ramifications of floods in the region.

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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