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The rand hit a record low of 19.86 per dollar on May 30, 2023, and was down over 7% since the start of the month and more than 15% year to date. Capital outflows, a strong dollar at a two-and-a-half-month high, and rolling blackouts weighed on the currency.
Tiger Brands, the country's largest food producer, warned about the impact of the power crisis on its earnings.
A sharp currency slide and power shortages raise South African food processing costs and can curb feed demand from local producers. A weaker rand also makes dollar-priced imported feed ingredients more expensive for South African buyers.
financialpost.comReutersMay 30, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
