Johannesburg — THE rand dropped below R7 to the dollar yesterday for the first time since November 28, amid uncertainty over the future direction of economic policy under Jacob Zuma.
Rumours that Finance Minister Trevor Manuel might be on his way out also weighed on market sentiment. Manuel's office later shot down the rumours.
In thin trade yesterday afternoon, the rand dropped to R7,03 to the dollar, 1,26% softer than its previous close in New York of R6,95, after touching a near four-week low of R7,05. With Reuters