South Africa: Rand hits new low amid dollar strength

On Tuesday, May 30, the South African rand hit a record low on the back of a strengthening dollar. Also, this soured local investor sentiment that has seen massive capital outflows from the country. In the late afternoon, the rand traded at 19.690 against the dollar, some 0.09% weaker than its previous close. The currency has lost over 7% against the dollar since the start of the month and more than 15% since the start of the year.

Source: reuters.com

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