![]() ![]() The US is convinced that South Africa had supplied weapons and ammunition to Russia, despite Pretoria having taken a neutral stance on its invasion of Ukraine, News24 reported cited Ambassador Reuben Brigety as saying. Perhaps this is because of yet another calamitous diplomatic decision over relations with Russia.” “President Cyril Ramaphosa seems nowhere to be seen. ![]() “For many, the fortunes of the rand are becoming more overtly entwined with the political prospects of the African National Congress,” said Robert Hoodless, an analyst at InTouch Capital Markets. The remarks by the US have added a new dimension to the risk factors. Mixed data from China have worsened the outlook for South Africa’s exports, while crippling power outages are threatening to erase any growth this year. The rand had been underperforming its peers even before the report as investors fretted over the country’s struggles with energy shortages and China’s growth hiccups. With Thursday’s move, the currency has extended its losses this year to 11.5%, one of the worst-performances in the developing world. News 24 cited the US ambassador to South Africa as saying the nation supplied weapons to Russia. ![]() The rand, often seen as a bellwether for emerging-market risk, dropped as much as 2.4% to 19.3413, its all-time low on a closing basis. (Bloomberg) - South Africa’s rand tumbled, heading for a record low against the dollar, as geopolitical risks added to investor concerns over a domestic energy crisis and global monetary tightening. ![]()
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