A rising oil price dents global sentiment a little, while the rand is also under pressure after Eskom’s bailout
The rand was softer against major global currencies on Tuesday afternoon, faring worst against the pound, amid an air of caution in global markets.
The rand is also on the back foot due to domestic politics, with news of a new Eskom bailout highlighting the risks to SA’s credit rating posed by the embattled power monopoly. The government rushed to provide Eskom with R5bn in funding, it said on Friday, but public enterprises minister Pravin Gordhan has denied the power utility is close to collapse.
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