Publications
Partners
Johannesburg - The rand stayed on the back foot against the dollar on Friday, weighed down by a raft of negative domestic news, including power utility Eskom's continued struggles to meet electricity demand.
By 08:41 the rand was at R12.3100 to the dollar, down 0.1% from Thursday's close.
It was within easy reach of 13-year lows reached earlier this week as investors dumped high-yielding but riskier emerging market assets in expectation of US interest rates rising soon.
READ: Five reasons why the rand is weak
Local government bonds also eased, with the yield for paper maturing in 2026, the benchmark, edging up 1 basis point to 7.885%.
The rand failed to benefit from modest dollar losses against major currencies after investors booked profits in an extended rally that has driven the dollar to successive multi-year peaks this week.
