South African Rand Plummets to All-Time Low Against US Dollar Amid Accusations of Secretly Supplying Weapons to Russia

05/14 11:30

The South African rand hit a new all-time low of ZAR19.51:US$1 on May 12 after the US ambassador accused the country of secretly supplying weapons to Russia. The rand's depreciation by over 5% in just one week and more than 12% since the start of the year has raised concerns about the country's economic stability. The US government may respond by blocking South Africa's access to American markets, which could lead to the loss of preferential duty-free market access under the African Growth and Opportunity Act (AGOA). The situation has put the relationship between the United States and South Africa at risk, despite South Africa's neutral stance on the war in Ukraine.

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