The South African rand sank to a new three-year low on Thursday, as investors sold the currency on concerns about the country's economic outlook because of a long-running power crisis that could soon get worse.
Struggling power utility Eskom is implementing the worst power cuts on record lasting more than 10 hours a day for some households and businesses. Experts predict longer outages deeper into the southern hemisphere winter.
At 1045 GMT, it had recovered slightly to trade at 18.9825 to the dollar , down more than 0.6% on its Wednesday closing level and taking this week's losses to more than 3%. South African Reserve Bank Deputy Governor Kuben Naidoo told an online webinar on Thursday that the bank did not target a specific exchange rate but it was an important signal about financial conditions in the economy.
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