Platinum Sector Strike Weighs Down Rand

Reuters reported the rand hit a two and a half year low on Monday as platinum industry strike put pressure on South Africa’s economy.

As quoted in the market news:

South Africa’s rand fell more than 2.3 percent against the dollar to a 3-1/2 year low in volatile trade on Monday as strikes that have hit output in the mining sector continued to hurt investor sentiment.

Government bonds tracked the currency, with traders saying the moves were exaggerated by thin liquidity on a market holiday in the United States.

Click here to read the full Reuters report.