Rand Falls to Record Low Against Dollar After US Job News

JOHANNESBURG – The South African rand fell to its lowest level ever against the dollar on Friday, to 14.17, on news of strong job statistics in the United States, suggesting the US Federal Reserve will increase interest rates before the end of 2015.

One news report said that the rand has depreciated 20 percent in the past year as prospects of higher rates in the US have bolstered the dollar. US employment in October surged to its highest this year, and the unemployment rate hit a 7-1/2-year low, strengthening the case for a first rate hike in the US in almost a decade.

Stocks in South Africa also recorded their biggest one-day decline in two months, tracking a retreat of major overseas markets, reports said.