Reported 9 months ago
South Africa's currency, the rand, experienced significant losses in emerging markets due to delays in forming President Cyril Ramaphosa's Cabinet, causing a sell-off in the country's assets. The rand fell 0.8% to 18.3184 per US dollar, marking its lowest close since June 14 and the worst performance among developing nations. Traders express concern over the prolonged delay in forming the government and its potential impact on market outcomes, particularly in terms of the cabinet composition and future policy decisions.
Source: YAHOO