Rand slumps to weakest level since 2020 | Fin24

On Tuesday, the rand slumped to its weakest level against the dollar since 2020 as global investors took fright. | Fin24

Photo: Elvira Wood

Stock markets and world oil prices plunged Tuesday on mounting fears that major economies will slide into recession this year as inflation soars. The euro fell as low as $1.0261, threatening a push towards dollar parity. The pound also slumped to a two-year low below $1.20. Europe's main stock markets shed three percent heading into the close of trading, while benchmark crude contract, Brent North Sea, was down almost ten percent.Markets dived as investors eyed aggressive interest rate hikes by the US Federal Reserve in its fight against inflation, in contrast with the European Central Bank, seen as planning more modest increases.

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