The rand was weaker in early morning trade on Friday‚ sliding to renewed 14-year lows against the dollar amid mounting concern about interest rate hikes in the US.

At 8.34am‚ the rand was at R12.7344 against the dollar from a previous close of R12.7012.

The rand was at R13.9427 against the euro from a previous close of R13.8831 and at R19.8704 to the British pound from R19.8091 previously.

The euro was at $1.0949 from its previous close of $1.0931.

Nedbank Capital said in an early morning note that the rand capitulated in fairly spectacular fashion.

“This is apparently in the wake of the continued slide in commodity currencies‚ renewed concern (about) ... China and the rather grim outlook for the local economy.”

The domestic unit fell to a low of R12.7532 to the dollar on Thursday — its lowest level against the greenback since December 2001 — and triggered inflation fears that could force the Reserve Bank to raise rates further after a 25 basis point hike last Thursday.

Analysts say the rand could weaken to R13 to the dollar over the short term.

The US Federal Reserve kept rates unchanged late on Wednesday‚ but signalled a possible hike later in the year. The rate hike will attract funds to the US and boost the dollar.