Rand softer after news of Eskom bail-out

The rand weakened against major global currencies during the Easter long weekend, and had extended losses slightly on Tuesday morning as investors watched for fresh catalysts.

Eskom continued to weigh on the rand, while emerging markets are again feeling the pinch as the US-Iran oil debacle strains sentiment, said Peregrine Treasury Solutions corporate treasury manager Bianca Botes.

Factor in the current surge in the oil price and further petrol hikes (plural) are on the way.

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