Rand tumbles 1% as Eskom plans nationwide power cuts | IOL Business Report

JOHANNESBURG - South Africa’s rand tumbled more than 1% on Wednesday to its softest level in a week after state power utility Eskom said it would implement nationwide blackouts for the first time in more than

six months due to capacity shortages. Eskom said it will cut up to 2,000 megawatts of power from the national grid on Wednesday due to a shortage of generating capacity, starting at 0700 GMT and up until 2100 GMT.

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MARKET WRAP: Rand extends losses as risk sentiment wanesThe rand is likely to remain volatile as markets await the medium-term budget; the rescue plan for Eskom; and a credit-ratings review from Moody’s
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