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Rand weakens as Eskom announces load shedding

16 October 2019, 9:40 AM  |
SABC Radio SABC Radio |  @SABCNews
South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg.

South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg.

Image: REUTERS

South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg.

The rand has weakened by around 1% to R15 to the dollar ahead of the opening of the Johannesburg Stock Exchange.

This is mainly due to power utility Eskom announcing that power cuts are likely on Wednesday.

This is negative for investor sentiment as reflected by a weaker rand against a basket of major currencies; despite the dollar trading slightly weaker, which would usually strengthen the rand.

BREAKING: #Eskom says it is likely to implement stage 2 load shedding from 9am to 11pm on Wednesday. #PowerAlert #SABCNews #Loadshedding pic.twitter.com/hvDU6KoVkl

— SABC News Online (@SABCNewsOnline) October 16, 2019

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Tags: Johannesburg Stock ExchangeRandLoad sheddingDollar
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