The rand was 1% weaker against the dollar on Tuesday afternoon in a sell-off that followed the release of shocking GDP numbers for the first quarter of 2018.Losses against the pound were even more pronounced, with a softer euro environment failing to cushion the blow for the rand.The losses were clearly a direct result of the GDP data, as the currency was relatively unchanged leading to the release, said IG SA market analyst Shaun Murison. "Further evidence of this was that other emerging-market currencies, such as the Brazilian real and Argentine peso, traded firmer on the day, while the Russian ruble was flat."SA’s economy shrank by 2.2% in the first quarter of 2018 compared with the final quarter of last year, far more than expected — with the surprisingly poor performance due to a plunge in the agricultural sector of 24.7%.This is the largest quarterly fall since the second quarter of 2009, with economists having expected a contraction of just 0.5%.At 3.04pm, the rand was at R1...
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