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MARKET WRAP: Rand languishes around 21-month low as euro falls to $1

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Dollar is gaining support from global recession fears and expectations the Fed will stick to its aggressive monetary tightening cycle

The rand remained under pressure on Friday, ending the week softer as sentiment remained fragile.

The local currency has posted losses three out of five days, bringing the week’s losses to 3.4%, as the dollar “continues to find strong support from both global recession fears and expectations for the Fed to stick to its aggressively front-loaded monetary tightening cycle,” said Investec chief economist Annabel Bishop. ..

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