South Africa’s rand slipped on Thursday, as investors were unnerved by an investigation into a donation for President Cyril Ramaphosa’s 2017 campaign, leader of the governing African National Congress (ANC) party. But the anti-corruption watchdog’s investigation increases political uncertainty at a time when the economy is performing poorly. At 0710 GMT, the rand traded at 14.90 versus the dollar, 0.2 per cent weaker than its previous close. “The Bosasa scandal is the main factor driving a deterioration in risk sentiment,” said Lloyd Miller, an analyst at ETM Analytics. Nedbank CIB analysts also cited the Bosasa scandal among factors weighing on the rand.

Source: The Guardian June 13, 2019 14:03 UTC