Rand falls as election jitters, trade fears grow
South Africans vote in parliamentary and provincial elections on Wednesday in what is seen as a referendum on the economy after nearly a decade of weak economic growth and massive corruption scandals.
The rand weakened on Monday amid jitters over upcoming elections and worries over a trade war between the United States and China, curbing last week’s demand for emerging-market currencies.
On Sunday, US President Donald Trump announced he would raise US tariffs on $200 billion worth of Chinese goods this week and target hundreds of billions more soon.
At 0600 GMT, the rand was down 0.94% at R14.4800 per dollar, sliding back from Friday’s close of R14.3450, after a mixed US jobs report and further indications the Federal Reserve would leave interest rates unchanged for most of 2019.
South Africans vote in parliamentary and provincial elections on Wednesday in what is seen as a referendum on the economy after nearly a decade of weak economic growth and massive corruption scandals.
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