South African rand losses in the currency to look for higher-yield investments elsewhere and due to concerns over the impact of the economic slowdown in China, South Africa's largest export partner. By mid-January, economists were speculating that the Rand could expect to see further volatility for the rest of 2016. By 29 April, it reached its highest performance over the previous five months, exchanging at a rate of 14.16 to the United States dollar. Following the United Kingdom's vote to leave the European Union (EU), the Rand dropped in value over 8% against the United States dollar on 24 June 2016, the currency's
Henry Hale Rand Rand started his career at the International Shoe Company (which became Furniture Brands International) in 1929. He joined its Board of Directors in 1945. From 1948 to 1955, he served as its Vice President. Upon the death of his brother, Edgar E. Rand, who had served as President from 1950 to 1955, Rand served as President until 1962. Under his leadership, the company was the world's largest shoe manufacturer. Rand was elected as the President of the Webb School in 1950. Additionally, he served on the Board of Trustees of his alma mater, Vanderbilt University. Rand married Dorothy Bolin. They