JOHANNESBURG - The rand edged lower on Wednesday, lagging gains in its emerging market counterparts, as the prospect of rolling blackouts and bleak demand for local currency dented sentiment.
Analysts say power cuts, which have happened in several rounds since June last year, are one of the reasons why business confidence has slumped in recent months. Those gains, however, were capped by renewed tension in US-China trade negotiations overnight after reports that some US officials were concerned China was pushing back against Washington’s demands in trade talks.
The situation worsened on Saturday after Eskom lost its electricity imports from the Cahora Bassa hydroelectric system in Mozambique, which contributes more than 1,000 MW to the South African grid, after a powerful cyclone.
Wait till Moody’s downgrades us 😂
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