The largest platinum exchange traded fund experienced its largest outflows on record after platinum prices in South African rands touched a five-and-a-half year high, with the currency dipping to a five-year low against the U.S. dollar.

The NewPlat ETF (NGPLTJ.J) saw platinum holdings diminish by 16,019 ounces to 885,206 ounces last week, the largest one-week drop since the fund first began trading last April, reports Jan Harvey for Reuters.

The NewPlat ETF, which trades on the Johannesburg Stock Exchange, provides exposure to platinum bullion price movements as tracked by the South African Rand price of platinum. The ETF is up 7.2% year-to-date.

The South African rand traded at a low of 0.0879 U.S. dollars on January 29 and has appreciated to 0.0908 USD.

Rand-denominated platinum touched a high of R16,178 an ounce in late January and has gained almost 8% year-to-date. Meanwhile, USD-denominated spot platinum has gained 1.4% so far this year.

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