Rand hits record lows as SA-US diplomatic relations sour on Ukraine
US accuses SA of providing Russia with weapons in the Ukraine war
11 May 2023 - 19:42
The rand slumped as much as 2.4% to hit record lows against the dollar on Thursday after the US accused SA of providing Russia with weapons in the Ukraine war, raising the risks of potential sanctions against the country.
“The risks of sanctions are starting to get priced into our market. Supporting Russia in the war on Ukraine would mean foreigners wouldn’t want to invest locally or will sell their existing holdings,” said Adam Furlan, portfolio manager at Ninety One...
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