Rand weakens as Eskom announces load shedding

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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.