On Thursday 6th June 2019, South Africa’s rand fell to its lowest the country has witnessed this year.

The fall in rand comes as a dispute within in the ruling African National Congress over the central bank weakened demand.

At 0800 GMT, the rand was 0.15% weaker at 14.8850 per dollar compared with an overnight close of 14.8600.

According to our sources, the rand tumbled to a session low of 14.9625, its weakest since October, before settling near 14.80.

The currency has been hurt by the ANC’s internal squabble over whether the central bank should do more to promote jobs and growth .

That worsened the damage done by data showing the economy shrank by 3.2% in the first quarter.

Bonds opened weaker, with the yield on the benchmark 10-year issue up 2.5 basis points to 8.475%.