South African Rand Loses Value

The South African Rand fell early on Thursday to its lowest in 2019. The drop is attributed to disputes within the ruling African National Congress over the central bank which is said to have weakened demand.

At 0800 GMT, the rand was 0.15% weaker at 14.8850 per dollar compared with an overnight close of 14.8600. It suddenly fell to a session low of 14.9625, its weakest since October, before settling near 14.80.

The currency is reported to have shed its value due to ANC intraparty disagreements over whether the central bank should do more to promote jobs and growth.