020 7898 0500The South African rand suffered yesterday as it was reported that unemployment in the country rose to its highest level in eight years. The unemployment rate rose over 2% compared to where it was in February, due to jobs cut by factories, wholesalers and retailers. As a result, the rand weakened by over 2% yesterday and is currently at its weakest in over a month.
Other emerging market currencies also suffered at the expense of the safe haven US dollar as poor economic data out of China; exports down by nearly 2%, imports down by over 10%, increased worries over both the Chinese and world economies.
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