South African rand falls on power cuts, risk-off sentiment

The South African rand weakened against the dollar as the country faced severe rolling blackouts.
Eskom reinstated the worst power cuts on record, with up to 12 hours per day for households.
Petrol and diesel prices were hiked, further hurting South Africa's economy.
The Johannesburg Stock Exchange indices closed over 0.8% lower.
The country's fiscal crisis and lack of positive news continue to deter investment in the rand and bonds.

reuters.com

Relevant topic timeline:

8/21/2023

South African rand weakens ahead of BRICS, CPI

The South African rand weakened ahead of the BRICS summit and monthly inflation figures.

8/23/2023

South African rand extends gains after inflation slows

The South African rand strengthened nearly 2% against the U.S. dollar after July inflation data came in lower than expected and the dollar weakened.

8/30/2023

South African rand falls as dollar finds feet; credit extension slows

The South African rand weakened as the dollar rebounded and credit extension in the country slowed more than expected.

9/8/2023

South African Rand Rebounds as Power Cuts Ease, Though Economic Worries Remain

The South African rand strengthened against the U.S. dollar as the dollar weakened and the rand recovered some ground after earlier losses caused by power cuts and a widening current account deficit.