Indian rupee and South African rand sink as US-dollar demand surges – The National

Indian rupee and South African rand sink as US-dollar demand surges – The National

The Indian rupee and the South African rand fell to fresh lows against the US dollar as emerging market currencies struggled against investor appetite for the US dollar - the currency of choice amid the coronavirus uncertainty.. Since February 23, the Indian rupee is down 6.36 per cent to 76.4456 against the greenback at 4pm UAE time on Monday, while the South African rand slumped about 15 per cent to 17.75, a near record low for the currency.. "The panic flight-to-safety is driving the headwinds in the rupee and rand against the US dollar," Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, told The National.. "Both currencies have the potential to fall towards unprecedented levels in the coming weeks.. Emerging market assets and currencies are not expected to fare well, with the rupee and rand hit hard as investors flock towards the US dollar, considered the world's most liquid currency and the safe haven of choice when confidence evaporates from financial markets.. "There is a general US dollar-run across the emerging market currencies but also across equities, bonds, developed markets, currencies and commodities," said Ms Ozkardeskaya.. "Everyone seeks the protection of the US dollar right now “¦ no matter what