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Rand close to record low amid power crisis, dollar strength | Business

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The rand, which has been pummelled in recent days by concerns around a burgeoning power crisis and weak economic data, fell almost a percent against the dollar on Thursday. | News24_Business

In early trading, it hit R19.485 against the dollar. Last week, it slumped to a record low of R19.50 after the US accused South Africa of supply arms to Russia.

The Chinese yuan slid to its lowest level against the dollar since early December, as a raft of recent economic data pointed to weak consumer demand and a slow post-pandemic recovery for the world's second largest economy.The Turkish lira was last at 19.78 versus the dollar, coming within a whisker of its record low of 19.80, which it hit right after the deadly earthquake struck in early March.

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Weak rand, risk of sanctions will keep interest rates high, says Investec CEO | BusinessAsset manager and banking group Investec has warned that SA's interest rates are likely to remain elevated for longer than expected as a weaker rand and the risk of sanctions due to Pretoria's support for Russia add pressure on an already weak economy.
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