South African rand pummelled by 'perfect storm'
JOHANNESBURG (AFP) - South Africa's currency has been caught in a brutal pincer of dependence on weak European markets, exposure to slowing emerging markets, domestic turmoil and tighter US monetary policy.
The Federal Reserve's announcement on May 22 that it would eventually roll back stimulus was another gust of wind amid a cyclone for the South African rand.
Like other emerging market currencies, the South African unit has had a torrid time of late.
In January the currency stood at 8.75 rand to the dollar.