#AceFinanceDesk – South Africa’s rand hits new 3-week low, stocks slip

JOHANNESBURG — South Africa’s rand slumped to a new three-week low in an emerging market rout on Friday as investors’ hopes for a global recovery were dented by a sharp contraction in the U.S. economy.

At 1640 GMT, the rand was 1.63% weaker at 17.0250 per dollar, its weakest since July 8, adding to Thursday’s 2% plunge.

South Africa’s rand hits new 3-week low, stocks slip