South Africa’s rand tumbles 1% as Eskom plans nationwide power cuts

South Africa’s rand tumbled more than 1% on Wednesday to its softest level in a week after state power utility…

South Africa’s rand tumbled more than 1% on Wednesday to its softest level in a week after state power utility Eskom said it would implement nationwide blackouts for the first time in more than six months due to capacity shortages. The rand was 1% weaker at 15.0550 per dollar, its lowest since Oct. 10, as of 0615 GMT. Eskom said it will cut up to 2,000 megawatts of power from the national grid on Wednesday due to a shortage of generating capacity, starting at 0700 GMT (9 am local time) and up until 2100 GMT.

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