South Africa’s rand slides further as blackouts return
JOHANNESBURG – South Africa’s rand inched lower early on Thursday, extending the previous session’s sharp drop as the latest nationwide power cuts by state utility Eskom renewed fears of credit ratings downgrades.
At 0610 GMT, the rand was 0.08% weaker at 14.9520 per dollar, after sliding as much as 1% to a one-week low 15.0550 in the previous session.
Eskom said break-downs at some of its coal-burning plants hit its power generation ability, forcing it to shave supply to the national grid.
Source: iol.co.za