Rand hammered by speculators as crisis escalates

MARKET NEWS

JOHANNESBURG -- The South African rand continued to be the subject of speculative attacks last week, triggering a 12% weekly drop in the currency by Thursday last week (December 6).

The continuing slide of the currency left it 45% lower against the dollar this year, and has led some economists to label the speculators "nothing more than economic terrorists".

Last week alone the battered currency fell from R10.27 per US dollar to R11.18, and some local market participants told FX Week the rand