Rand slips to almost two-week low as factory activity drops for fifth month
There could be more bad news ahead for manufacturing in the wake of latest Eskom load-shedding
10 December 2019 - 11:10
The rand extended its drop against the dollar on Tuesday after a report showed manufacturing production contracted for a fifth consecutive month, adding to the gloomy outlook for a domestic economy that is in the throes of load-shedding.
The rand dropped as much as 0.8% to its weakest level since November 27 against the dollar after Stats SA said output fell by 0.8% in October compared with the same period in 2019. While this was better than the 2.7% drop forecast by analysts in a Bloomberg survey, it marked the longest stretch of declines since the global financial crisis, the news agency said...
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