The South African rand slid on Monday, after ratings agency Moody's flagged risks from crippling power cuts and as the dollar advanced on investor bets that the U.S. Federal Reserve would keep monetary policy tight for longer.
At 1010 GMT, the rand traded at 18.0050 against the dollar , about 0.6% weaker than its closing level on Friday and breaking above 18 to the dollar for the first time since November, 2022.
On Friday Moody's said in an issuer comment on South Africa: "the blackouts' effect on businesses, consumer sentiment and investment will weaken the country's already subdued economic growth prospects and threaten social and political stability". There have been scheduled electricity outages on every day this year, after a record number of days with outages in 2022.over the power shortages, giving the government additional powers including permitting emergency procurement procedures.
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