
Rand has breached R19 to the dollar for the first time since the COVID lockdown.
The ratio of the South African rand to the US dollar has surpassed R19.
The rand hit R19 to the US dollar soon after midday on Thursday, this is another 3-year low, with rand declining more than 1.4% on Wednesday and more than 11% starting from the beginning of the year.
The money was back beneath the R19 mark soon after 1pm, subsequent to weaking to R19.01 to the greenback at one stage.
The rand last traded over the R19 mark in 2020, when the country went into lockdown as a result of the COVID-19 pandemic.
The rand broke through the R19 per dollar level today , for the first time since April 2020 pic.twitter.com/EJ4THjwI0S
— The Instigator (@Am_Blujay) May 11, 2023
According to reports, this comes after news that the ongoing power crisis and load shedding are expected to get worse during the winter lowered investor sentiment for South Africa and caused the rand to reach a three-year low on Wednesday, May 10.
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