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Rand Extends Drop on Threat of Strikes in Agricultural Industry

January 8, 2013 at 16:33 by Vladimir Vyun

African cape buffalo on 100-rand noteThe South African rand continued to decline today as the threat of strikes among agriculture workers deterred investors from buying South Africa’s assets.

Last year, the mining sector was the major source of problems for the country’s economy as workers were constantly demanding wage increases. This year, it looks like the agricultural industry wants to follow suit. Continuous labor unrest definitely does not help to attract investors and that is weakening the South African currency.

USD/ZAR rose from 8.5689 to 8.6023 as of 16:33 GMT today, rebounding from the intraday low of 8.5305.

If you have any questions, comments, or opinions regarding the South African Rand, feel free to post them using the commentary form below.

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