South Africa’s love affair with Moscow is adding to the pressures on the rand.
South Africa’s rand tumbled the most among the world’s major currencies as the nation walked into a geopolitical tight corner just as everything from a domestic energy crisis to global monetary tightening is battering the currency.
With Thursday’s move, the currency has extended its losses this year to 11%, one of the worst-performances in the developing world. Mixed data from China have put paid to hopes of a smooth and straight-line recovery in the world’s second-largest economy, while the crippling power outages are threatening to erase any growth this year. Traders are now forced to consider geopolitical tensions as another risk factor.
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