The rand crashed to its previous record low on Thursday, losing more than 30c of its value against the dollar in minutes after the US ambassador accused South Africa of providing weapons and ammunition to Russia. News24 reported that US ambassador to South Africa Reuben Brigety said the weapons and ammunition were loaded onto a Russian ship that docked at the Simon's Town naval base in Cape Town in December last year. The rand hit R19.36 - its previous record low, reached in 2020 - following the news. It also came close to hitting a record low against the pound, and was last trading at above R24 on Thursday. The report triggered fears that the US will take economic action against South Africa, perhaps by scrapping the duty-free export benefits it receives thanks to the African Growth and Opportunity Act. "For many, the fortunes of the rand are becoming more overtly entwined with the political prospects of the African National Congress," Robert Hoodless, an anal
The rand crashed to its previous record low today, losing more than 30c of its value against the US dollar in minutes after the US ambassador accused South Africa of providing.