The New Zealand dollar and the South African rand fell sharply yesterday after both countries reported ever-widening external deficits.

The kiwi slid 1.4 per cent to $0.6109 against the US dollar, a two-month low, and the rand plummeted 2.3 per cent to a two-and-a-half-year low of R7.299 to the dollar. The two currencies have now fallen 10.5 per cent and 15.8 per cent respectively against the dollar this year.