JOHANNESBURG: South Africa’s rand weakened early on Tuesday ahead of first-quarter unemployment figures that will provide a steer on the health of the local economy after a week of market turbulence.
At 0642 GMT the rand traded at 19.1175 against the dollar, about 0.5% weaker than Monday’s close.
The rand was pummelled last week, reaching a record low against the backdrop of power cuts that show no sign of abating and claims that South Africa had provided arms to Russia.
Struggling state power utility Eskom is implementing the worst rolling blackouts on record, leaving businesses and households in the dark for up to 10 hours a day.
The blackouts are crippling the economy, with JP Morgan predicting that South African economic output would contract this year by 0.2% as a result.
South African rand regains some ground against the dollar
Statistics South Africa is due to release the unemployment figures at 0930 GMT.
South Africa’s benchmark 2030 government bond also weakened in early deals, with the yield up 3 basis points at 10.775%.
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