Wednesday, August 31, 2016
. USD/ZAR rises more than 1%
The rand slides to its lowest level in nearly eight weeks against the U.S. dollar as Bloomberg reports that Futuregrowth, Africa's biggest private fixed-income money manager, will stop lending money to six of South Africa's largest state companies over concerns about how they are run. This comes amid increasing political uncertainty in the country, with finance minister Pravin Gordhan currently under investigation over possible corruption. USD/ZAR rises more than 1% to hit 14.7155, the rand's weakest level since July 8.