The South African rand dropped on Monday after President Cyril Ramaphosa cancelled a trip to the World Economic Forum (WEF) in Davos to deal with the country's energy crisis, as struggling state utility Eskom's worst ever power cuts continued.
South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg, File. REUTERS/Siphiwe Sibekocancelled a trip
The South African rand traded at 17.065 against the U.S. dollar at 0930 GMT, 1.29% weaker than its previous close and its weakest level since Dec. 1. Recent strengthening in the rand had been a "dollar play", he said, adding, "we haven't broken any key technical levels as yet. I think the first big level that I would worry about that would signal a reversal for me, would be closer to the 17.20 mark.", due to the breakdown of several power generating units. This requires up to 6,000 megawatts to be shed from the national grid and at least six hours a day without power for most South Africans.
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