Rand hits near three-week low

The rand fell to its weakest in almost three weeks yesterday as Eskom stepped up controlled power cuts.

At 12.10pm, it was 0.94% weaker at R13.73 per dollar, its softest level since January 24, after Friday’s close of R13.61.

“Load shedding is never good, especially from a growth perspective,” said trader at Unum Capital, Michael Porter.

“The weakness you’re seeing now is certainly linked to the power cuts.” – Reuters