Rand falls to all-time low

Rand falls to all-time low

The South African rand fell to a record low of 4.03 to the US dollar yesterday, from 3.875 on Tuesday. Its slide pushed government bond prices to a four-month low. Traders were testing the resolve of the authorities after finance minister Chris Liebenberg said South Africa would not deplete its foreign exchange reserves to fight the currency market. The central bank intervened yesterday to steady the currency's descent.