The currency is also being dragged down by global risk-off trade due to fears of an economic downturn
Domestic politics also added caution for local risk assets, with Ramaphosa’s delayed cabinet announcement leaving investors to ponder the balance of power within the governing ANC, and, therefore, the scope and pace of its promised policy reforms.
The rand fell 2.11% against the dollar on Tuesday, its worst performance since February, amid delays over the cabinet announcement and concerns about the future of Eskom.At 9am on Wednesday, the rand was 1.04% weaker at R14.8809/$, 1.02% softer at R18.826/£ and 1% weaker at R16.6033/€. The euro was flat at $1.1157.
The benchmark R186 government bond had weakened, with its yield rising eight basis points to 8.42%. Bond yields move inversely to bond prices. Local bonds are expected to be under pressure on Wednesday, though they could find some support if a cabinet is announced that comprises reformist politicians, Sasfin Wealth fixed-income trader Alvin Chawasema said in a note.
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