Domestic inflation and load shedding drag the rand further down.
Load shedding and negative views of the country have run rampant within the global markets has pushed the currency to weaken significantly.
TreasuryONE said there was downward momentum for the rand following an en masse sell-off of domestic bonds worth roughly R7 billion. “As they say, the trend is your friend, and we would need to see Eskom come out and give a detailed plan on how they plan to stop the electricity crisis,” said TreasuryONE.
South Africa’s currency is highly volatile, and as a result, for investors to engage with it, they have to have a higher risk appetite.
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