JOHANNESBURG – The British referendum has delivered a body blow to the rand.
The currency has suffered its biggest drop against the US dollar in eight years.
The rand is trading at around R15.50 to the greenback, losing more than a rand overnight.
It’s also lost major ground against the euro, trading at around R17.13 to the European currency.
But it’s strengthened against the pound, which has tanked against major currencies.
Some researchers believe Britain leaving the European Union could shave a tenth of a percent off the South African economy.
The UK is one of South Africa’s biggest trading partners.