# South African rand hits new low amid dollar strength, poor outlook | Financial Post

> 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.

- Date: 2023-05-30 · published 2023-05-30T12:00:00.000Z
- Category: macro · region South Africa · magnitude medium
- Page: https://feedsoft.ai/events/36243-south-african-rand-hits-new-low-amid-dollar-strength-poor-outlook-financial-post
- Commodities: [South African Rand (ZAR per USD)](https://feedsoft.ai/c/USDZAR.md)

## Why it matters

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.

## Read by commodity

- USDZAR: bullish ▲

## Sources

- financialpost.com: https://financialpost.com/pmn/business-pmn/south-african-rand-hits-new-low-amid-dollar-strength-poor-outlook

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.