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Assessing and promoting civil and minority rights in South Africa.

[Source: BusinessTech.]

The rand was weaker on Monday morning (12 August) as political uncertainty and a bleak economic outlook continued to weigh on the local currency.

The currency hit its lowest level since September 2018 last week, with weak data, worries about the impact on the economy of heavily indebted state-owned energy firm Eskom and negative commentary from credit rating agencies piling pressure on the currency, Reuters reports.

“The long-term objective is still the 2016 highs of R17.90 but the more immediate target will be the 2018 highs of R15.69, which could materialise this week,” Standard Bank’s chief trader Warrick Butler said in a note.

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South Africa at a Glance
58 780 000 (mid 2019 estimate)
3.7% y/y in October 2019 (CPI) & +4.1 y/y in September 2019 (PPI)
3.1% q/q (2nd quarter of 2019)
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