A rise in oil prices and concerns about China hit emerging market currencies.
The rand, along with other emerging market currencies, weakened for the fourth straight day against the dollar as investors wrestled with the prospect of higher US borrowing costs and concerns about the Chinese property sector. A rise in crude prices also depressed currencies of oil-importing nations.The rand is reaching territory last seen in May this year, when a diplomatic spat between the US and South Africa over Russia triggered a rand crash. At the time, it weakened to above R19.60.
Markets are also rattled by concerns over an economic slowdown in China, especially as the country’s property market faces renewed headwinds, said Botes. Russian oil output cuts have pushed prices higher, while confirmation that US crude stockpiles at a key storage hub are at their lowest in 14 months raised concerns.
"The rand only strengthens when we see good growth and stable commodity prices, and I'm fairly certain that this won't happen anytime soon," Treurnicht said.
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