CAPE TOWN - The rand fell as much as three percent on Tuesday as the economy slipped into a technical recession in the second quarter and missed economists’ expectations.
At 1600 GMT, the rand traded 2.82 percent weaker at 15.3000 versus the dollar.
At 08:20 today the rand stood at R15.38 to the dollar.
The economy contracted by 0.7 percent in the second quarter, pushing the country into recession after a revised 2.6 percent contraction in the first quarter, data from Statistics South Africa showed.
“The economy remains lacklustre, partially driven by policy uncertainty. Investment in manufacturing and development has been hampered by uncertainty regarding the mining charter and land redistribution,” said Bianca Botes, an analyst at Peregrine Solutions.