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Rand Breaches R19/$ Mark For The First Time Since 2020

The rand breached the R19 to the dollar mark on Thursday morning as load shedding and the ongoing economic crisis continue to put the currency under pressure.

The currency last traded over the R19 mark in 2020, when the country went into lockdown as a result of the COVID-19 pandemic.

Economist Dawie Roodt said while external factors contributed to the weakening of the rand, like the American inflation rate being lower than expected, the country’s own challenges were mostly to blame.

He added that investors had lost confidence in South Africa as an investment destination, and had contributed to the rand weakening to its worst level since April 2020.

“The reason why we are where we are today is because of a government that uses the wrong method of macro-economic policies for the management of the economy. It’s all those things that go with the ANC government. That is what is really wrong here. It’s not that it’s the private sector. In fact, South Africa is and can be a very attractive investment destination.”