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South African rand falls to two-month low against U.S. dollar

Posted June 10, 2008

The South African rand fell to a two-month low against the dollar, by as much 1 percent to 7.9860 per dollar— the weakest level since April 16.

Baltimore — (TFN): South Africa’s rand fell to a two-month low against the dollar as stocks around the world declined on concern surging oil prices will force central banks to raise interest rates to quell accelerating inflation.

****TFN just covered the subject of certain currencies like the South African rand falling against the greenback in last weekend’s Smart Trading with Laura Cadden…

The rand slid for an eighth day as South Africa’s benchmark equity index followed European and U.S. stocks lower, reducing the appeal of investments denominated in the currency. It also fell after the World Bank cut its global economic-growth forecast and U.S. Treasury secretary Henry Paulson said rising energy costs will prolong a slowdown in the world’s biggest economy.

Read the full article here…

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