JOHANNESBURG - The rand plummeted versus the US dollar during yesterday’s European trading session according to NKC Research.
The South African currency suffered a drubbing, as Eskom stepped up its controlled power cuts due to shortages in the power utility’s generating capacity. Eskom woes and growing pessimism over the state of the global economy caused the rand to hit a 3-week low in risk-off trade. At close of local trade, the rand quoted 1.1 percent weaker at R13.76/$, after trading in range of R13.59/$ - R13.77/$. The rand steadied overnight, but investors will keep a close on eye on today’s manufacturing figures. Expected range today R13.70/$ - R13.90/$.
South African bourse