[miningmx.com] – THE South African rand slumped to a five-year low on fears of renewed strike action in the country’s platinum sector. The rand declined 0.5% to 10.8798 per dollar, the weakest level since October 2008, Bloomberg News said.
“Labor unrest rears its head again,’ Mohammed Nalla, head of strategic research at Nedbank Group told Bloomberg News.
“The rand seems intent on moving toward 11 per dollar as importers continue to scramble for dollars and exporters are quite happy to sit on the sidelines,’ he said.
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