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South African Rand

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South African Rand


Down 32%

Fears of a severe global recession have taken their toll on the South African rand. The currency had a terrible October and in early November fell to a seven-year low. Manufacturing is slumping, and consumer spending is falling. Moreover, since South Africa's export economy is heavily dependent on gold and other resources, slower growth worldwide is likely to lead to slumping demand for South African products—and South African currency.