The South African Rand fell against the Pound and other major peers as investors grew increasingly concerned over an escalation in violence in the four-week long strike occurring in South Africa’s platinum mining sector.
According to reports a miner was attacked and killed by a group of men at a mine belonging to Anglo American Platinum. The incident was the latest bout of violence to occur in the strike hit and turbulent sector.
Police spokesman Thulani Ngubane said that the miner was on his way to work when he was attacked y four men who set him on fire. The man died from his injuries on Friday morning.
Striking platinum miners belonging to the Association of Mineworkers and Construction Union have been on a four-week-long wage-related strike.
Members of Amcu at Lonmin, Anglo American Platinum, and Impala Platinum went on strike on January 23, demanding a R12,500 basic monthly salary for miners.
The Rand remained under pressure by other risk adverse events occurring elsewhere in the world. Violence in the Ukraine weighed heavily as did ongoing protests in Thailand. Some of the tension was eased on Friday as a tentative peace deal was reached in Kiev. Yesterday’s weak manufacturing PMI data out of China also weighed heavily upon the Rand.
Against the US Dollar the Rand tumbled beyond the psychologically key R11 level and looks set to remain under pressure. The weak Rand caused some economists to speculate that the nation’s Central Bank could raise rates in an effort to stave off inflation concerns.
South African Rand (ZAR) Exchange Rates
[table width=”100%” colwidth=”50|50|50|50|50″ colalign=”left|left|left|left|left”]
Currency, ,Currency,Rate ,
Pound Sterling,
,South African Rand,18.2937 ,
Euro,,South African Rand,15.0600 ,
US Dollar,,South African Rand,11.0160 ,
Australian Dollar,,South African Rand,9.8812 ,
[/table]
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