The rand extended losses on Wednesday morning, following an overnight rout after the ANC’s surprise decision to seek to change the Constitution to expropriate land without compensation. “It is with uncanny ability that SA’s politicians deal the beleaguered economy yet another blow just when it appeared as though things were settling down,” said Wichard Cilliers, head of dealing & director at TreasuryOne.

The rand had been on a steady recovery, touching a two-month high of R13.08/$ early on Tuesday, before tumbling to lows of R13.39/$ early on Wednesday morning, in a decline that began late at night after the news broke. The South African currency plunged from just over R13.11/$ shortly before 9pm, to roughly R13.27/$ by 10pm — weakening by 16c within the space of an hour. The ANC made the decision at a two-day lekgotla held in Irene, outside Pretoria. The party is set to make a submission to this effect at the parliamentary hearings on land that are under way. At 8.21am, the r...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.