Rand hit by student protest outside presidential offices

Protest ‘doesn’t reflect well to offshore investors.’

South Africa’s rand touched a 3-1/2 week low against the dollar on Friday as investor sentiment soured over the two week long student protests over tuition fees that have hit universities countrywide.

By 14:12 GMT the rand was trading 1.26% down at 13.5740, reversing earlier gains as a stronger dollar also weighed down the local currency. 

“The student protest doesn’t reflect well to offshore investors and the fact that the government is already under pressure from a fiscal perspective and the situation adds to pressure going forward,” said Ricardo Da Camara, market analyst at ETM Analytics.

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