South African rand hit by 'perfect storm' as sell-off escalates
JOHANNESBURG, May 11 (Reuters) - A sell-off in the South African rand and bonds gathered pace on Thursday, as news reports that South Africa had provided arms to Russia spooked investors already concerned about the economic impact of crippling power cuts.
The rand touched a low of 19.3250 against the dollar, down as much as 2.4% on the day and hitting its weakest since the record low set on April 6, 2020, early in the COVID-19 pandemic.
By 1553 GMT the rand had pared some of its losses to trade around 1.6% weaker than its previous close.