The South African rand has plummeted by almost 8%, almost touching R17 to the Greenback.
This thanks to uncertainty over the Covid-19 outbreak as well as a plunging oil price due to the dispute between Russia and Saudi Arabia.
A trade report in Business Day showed that Brent crude oil had fallen 29.51% to $32.11 a barrel.
Gold was down 0.43% to $1 666.80, while platinum was down 2.89% to $874.20.
Fin24 reported that “while global sentiment was the largest factor in the rand’s performance – with the currency seen as a proxy for its emerging-market peers – local factors, including renewed rolling power cuts by Eskom and a downbeat assessment by Moody’s Investors Service of South African growth ahead of its ratings review later this month, contributed to the selling pressure”. – Zoë van Rooyen
