The rand, the worst-performing major currency worldwide this year, may extend losses by as much as 7.9 percent from current levels over the next year as global growth concerns damp demand for riskier assets, Citigroup Inc. said.
South Africa’s currency may decline to 7.75 per dollar over the next six to 12 months, Citigroup analysts led by London- based Jeremy Hale wrote in a research note. Citigroup previously forecast the rand would weaken to 7.20. The currency of Africa’s biggest economy gained 1.1 percent to 7.1377 per dollar by 4:31 p.m. in Johannesburg, paring its loss this year to 7.1 percent, the only one of 16 major currencies monitored by Bloomberg to decline versus the greenback.
