South African Rand Falls as Decline in Stocks Hurts Investor Risk Appetite

(Bloomberg) -- The South African rand fell as a slump
in global stocks prompted investors to sell riskier assets and as
local inflation exceeded the central bank's target range for the
first time in more than three years in April.

The rand dropped for a third day as shares in China slumped
the most in three months after the government tripled the tax on
securities transactions to slow market growth. This slide was
followed by losses in Asia, while national benchmarks in all 17
western European markets that were open declined.


Read more at Bloomberg Currencies News