The South African Rand drifted lower against the U.S. dollar in European deals on Friday, as global aversion amid fears over slowing growth in China hurt emerging market assets.
Oil price fell below $30 a barrel amid speculation that OPEC will continue pumping oil at a breakneck pace despite the global supply glut.
The South African Rand declined to a 3-day low of 16.70 against the greenback, compared to Thursday’s closing value of 16.43. The rand is likely to find support around the 17.8 zone.
The material has been provided by InstaForex Company – www.instaforex.com