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Rand Trims Gains, Ramokgopa Expresses Concern About Nuclear Plant Refurbishment Delays

ZAR

Spot USD/ZAR has trimmed some of its earlier losses and last deals at 18.0570m down 510 pips on the day. A move away from session lows has been facilitated by the latest upleg in broader greenback strength, with the BBDXY index hitting new intraday highs. The technical picture remains unchanged for USD/ZAR, with bears looking for renewed sales past Jul 13 low of 17.9031 and towards Mar 31 low of 17.6993.

  • Electricity Minister Kgosientsho Ramokgopa said that he was "very, very worried" about the refurbishment of Koeberg nuclear plant being behind schedule, which will exacerbate load-shedding into 2024. The outage of Koeberg's unit 1 started in January and was due to end in July, but was then extended until September, which may be delayed further. Unit 2 was initially scheduled to go offline from September. Each unit generates the amount of electricity equivalent to almost one stage of load-shedding.

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