South African rand falls to its lowest in 2019

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South African Rand coins are seen in this photo illustration taken September 9, 2015. REUTERS/Mike Hutchings

South Africa’s rand fell early on Thursday to its lowest this year.

This comes as a dispute within the ruling African National Congress

over the central bank’s 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 tumbled to a session low of 14.9625; it’s weakest since October, before settling near 14.80.

The currency has been hurt by the ANC’s internal squabble over whether the central bank should do more to promote jobs and growth.

That worsened the damage done by data showing the economy shrank by 3.2% in the first quarter.

 

Africa News/Olajumoke Adeleke