South Africa’s rand weaker as local politics weighs in

JOHANNESBURG — South Africa’s rand was slightly weaker early on Monday, giving up small gains that had enabled it to pull back from an 11-month low as political uncertainty and a bleak economic outlook continued to weigh in.

At 0630, the rand was 0,2% weaker at 15,2925 per US dollar compared to Friday’s close of 15,2625.

The rand plunged to 15,3100 on Wednesday, its lowest level since September 2018, with weak data, worries about the impact on the economy of heavily indebted
state-owned energy firm Eskom and negative commentary from credit rating agencies piling pressure on the currency.

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