South Africa's rand sank to a fresh low against the dollar yesterday, shedding 5 per cent of its value in a single day as it suffered some of the steepest losses in a five-week speculative siege. Dealers said broad-based demand for dollars swept the currency to its weakest level ever of 6.34 against the US unit in what appeared to be a bond-related deal.

The rand settled around 6.26 in late Johannesburg trade, compared to the 5.97 level it strengthened to overnight after President Nelson Mandela and his deputy, Mr Thabo Mbeki, reaffirmed their commitment to the government's conservative economic strategy. See page 5