The delay of President Cyril Ramaphosa’s cabinet announcement and issues at Eskom are weighing on the local currency on Tuesday morning
The rand was on the backfoot against major global currencies on Tuesday morning, as domestic political uncertainty weighs on sentiment.
There are reports that ANC deputy president David Mabuza may serve in that position within the government and is expected to be sworn-in as an MP later in the day. Last week, he requested a delay of his swearing-in to clear allegations against him. Eskom CEO Phakamani Hadebe resigned on Friday and the future of the embattled power monopoly, as well as the extent to which it will require state financial support, are still open questions.
The benchmark R186 government bond had weakened, with its yield rising 2.5% basis points to 8.42%. Bond prices move inversely to bond yields.
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