South African Rand Down on Commodities, Dubai Debt

TAfter Dubai announced that it intends to delay debt payments, emergent markets and commodities fell worldwide, declining attractiveness for the South African currency in foreign-exchange markets this Thursday.

Emergent markets were the most affected today after Dubai World, the nation’s investment company affirmed that debt payments will be delayed, setting confidence levels down among traders that preferred to opt by safer bets than those available in emergent markets, forcing the rand down.

USD/ZAR closed at 7.3720 from an opening rate of 7.3676.

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