Johannesburg - The rand fell sharply on Wednesday morning in line with other emerging market currencies which also pulled the JSE lower, although the stock market stabilised somewhat later in the day.
As usual financial shares were the hardest hit by the struggling currency, and early in the day the Financial index was already more than 1% lower.
The rand fell more than 0.8% against the dollar early on Wednesday, reaching its weakest level in more than three weeks. By midday the unit traded at R15.75 per dollar after falling as low as 15.78. It is the weakest the currency has been since tumbling to a record-breaking R16.0485 on December 11, after President Jacob Zuma unexpectedly fired finance minister Nhlanhla Nene.