SA: THE IMPACT OF RIOTS AND LOOTING ON THE RAND

THE rand continued to lose ground against the major currencies in evening trade on Tuesday, amid ongoing violence and looting in areas of KwaZulu-Natal and Gauteng.

It follows the arrest of former president, Jacob Zuma on July 7, to begin a 15-month sentence for contempt of court.

The currency lost in excess of two percent against the dollar in mid-afternoon trade on Tuesday, having lost 1,6 percent on Monday.

Dollar/Rand traded R14.54 (2,21%)

Pound/Rand: R20.15 (1.90%)

Euro/Rand: R17.23 (1.99%)

Treasury said that the continuation of Monday’s chaotic events could see the rand weaken further, with recovery hinging on restored order and calm

Author: Staff Writer

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