The South African rand slumped further on Wednesday, after tumbling as much as 2% on Tuesday, as risk-off sentiment increased on concerns about global economic growth and a credit rating agency downgraded the United States.
At 1509 GMT, the rand traded at 18.5000 against the dollar , about 1% weaker than its previous close.off losses incurred following rating agency Fitch's surprise decision to downgrade the U.S. to AA+ from AAA.
Economic data this week showed manufacturing activity contracted in the U.S., Germany and China and other nations. "All currencies came under pressure as global growth concerns resurfaced after a raft of manufacturing PMI numbers around the globe all printed below the 50.0 mark," said Andre Cilliers, Currency Strategist at TreasuryONE.
Investec analyst Annabel Bishop said the weakness of the rand was also influenced by the U.S. credit rating downgrade, sparking risk aversion in global financial markets as investors scurried towards the safety of dollar. Shares on the Johannesburg Stock Exchange were dragged down by energy and technology stocks, with the broader all-share index
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
South African factory activity contracts further in July - Absa PMISouth African manufacturing activity contracted for the sixth consecutive month in July, driven by an increase in scheduled power cuts and transport disruptions, a survey showed on Tuesday.
Read more »
South African rand edges lower after tumble on Chinese dataThe South African rand edged lower in early trade on Tuesday after falling over 1% on Monday on the back of weak Chinese manufacturing data.
Read more »
Coal demand is bringing mayhem to South African towns - TechCentralAn often-impenetrable logjam of trucks laden with coal at South Africa’s crossing with Mozambique has brought chaos to a sleepy border town.
Read more »
Global demand for coal is bringing mayhem to South African townsOrders reached a record last year and grew further still in the first half of 2023. The highways and communities of South Africa are collateral damage.
Read more »
South African gamers unite to combat gender-based violence - htxtThrough until and including 9th August, local streamers will be garnering donations to help the fight against gender-based violence in SA.
Read more »
Fifth African country gets Starlink before South Africa — for R891 per monthThe fast and uncapped satellite Internet service rolled out to Malawi early last week, following its launches in Nigeria, Rwanda, Mozambique, and Kenya in the past few months.
Read more »