According to Reuters article published on January 17, 2023, the South African rand weakened on Tuesday as mining production continued to decline against a backdrop of crippling power cuts.
At 1548 GMT, the rand traded at 17.1175 against the dollar, 0.4% weaker than its previous close.
South Africa's total mining output (ZAMNG=ECI) fell 9.0% year on year in November compared to a revised 11.0% decrease in October, Statistics South Africa said on Tuesday.
Economists polled by Reuters had predicted a year-on-year contraction of about 6.85% decrease in November.
"Domestically, persistent, heightened load shedding continues to weigh heavily on the energy intensive mining sector and remains a key downside risk to the country’s growth potential," Investec analyst Lara Hodes said in a research note.
Eskom trimmed the level of power cuts from Tuesday, but the long-term power outlook remains bleak.
On the stock market, the Top-40 (.JTOPI) index ended 0.32% higher, while the broader all-share (.JALSH) rose 0.27%.
The government's benchmark 2030 bond was almost unchanged in afternoon deals, with the yield at 9.860%.
On Wednesday, investors will be closely watching the release of November retail sales (ZARET=ECI) and December consumer inflation numbers (ZACPIY=ECI).
