By Janice Kew Oct. 8 (Bloomberg) -- South Africa's rand fell to the lowest level in almost six years against the dollar as investors sold emerging-market assets amid speculation global growth will keep slowing unless central banks act together to cut interest rates. The rand dropped for a third consecutive day as stock markets around the world slumped on concern the fallout from the credit crisis and the seizure in bank lending will stifle expansion and erode corporate earning. South Africa's benchmark FTSE/JSE Africa All Share Index tumbled 3.4 percent. ``A coordinated movement by central banks is needed to help get money moving again,'' said Jim Bryson, head of foreign- exchange trading in Johannesburg at Rand Merchant Bank, the investment-banking arm of FirstRand Ltd. ``Until that happens the rand will be prone to weakening.'' The rand declined as much as 2.2 percent to 9.1574 per dollar, the weakest since December 2002, and was at 9.0948 by 9:10 a.m. in Johannesburg, from 8.9620 yesterday. It dropped versus 13 of the 16 most-traded currencies monitored by Bloomberg, slipping 1.7 percent against the euro to 12.3848. South Africa's currency will trade in a range of 8.9 to 9.2 per dollar today, Bryson predicted. Asian equities slumped, European markets opened lower and U.S. stock-futures slipped. The Nikkei had its steepest decline since October 1987, and the MSCI Asia Pacific Index of stocks fell 6.9 percent, bringing its drop this year to 41 percent. Government bonds gained, with the yield on the 13.5 percent security due September 2015 falling 4 basis points to 8.74 percent. The yield on the 13 percent note maturing in August 2010 slipped 7 basis points to 9.17 percent. Yields move inversely to bond prices. To contact the reporter on this story: Janice Kew in Johannesburg at jkew1@bloomberg.net.

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