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Currency: The South African Rand weakens due to power cuts

05/09/2023
Source : ORISHAS FINANCE
Categories: Economy/Forex

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While the country experienced the worst power cuts on record, prior to the release of second-quarter gross domestic product (GDP) data, the South African rand weakened in early trade on Tuesday.

The Rand traded at 19.1900 against the dollar at 06:10 GMT, almost 0.3% lower than its previous close. The rand fell after the struggling South African state-owned company Eskom restored the worst power cuts ever recorded, meaning up to 12 hours of power cuts per day for most households

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