It seems the local currency is in a free fall mode just like the end of 2015 when then President Jacob Zuma had fired the Finance Minister Nhlanhla Nene.
On Friday afternoon the rand traded at R14.80 to the dollar. This was 72cents weaker than the R14.08 of the previous Friday and already down 157c, or 11.9percent since the beginning of August.
Against the pound, the rand lost 90c over the week and traded on Friday at R18.82 (-8.4percent month-to-date). The currency also had tumbled against the euro and depreciated by 85c to R16.88 (-9.3percent) from August1.
Geopolitical factors continued to play havoc on emerging currencies last week. In Turkey an appeals court rejected US pastor Andrew Brunson’s bid for freedom. The move increased fears for a new round of sanctions by the Trump administration.