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MARKET WRAP: Rand flirts with record lows

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South Africa News News

The risks to the rand remain heavily on the weaker side as local power issues and geopolitical tensions weigh

The rand touched a fresh record low on Friday, while the JSE ended firmer even as the outlook for SA remains gloomy.

The local currency weakened to an intraday worst of R19.52/$ — just a touch away from the low of R19.51/$ reached last Friday, as intensifying load-shedding ahead of winter weighed on the country’s growth outlook. Eskom has warned that 7,000MW-8,000MW being removed from the grid is on the cards as demand increases over the winter months. The dollar, meanwhile, is at its strongest level in six weeks. ..

 

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