The South African rand plummeted past USD 19 for the first time since April 2020 due to mounting concerns about the country’s economic future stemming from an ongoing energy crisis. The failing state-owned utility, Eskom, has been unable to provide stable power, leading to rotating blackouts and hampering the economy and productivity. A weaker rand increases inflation risks and supports the view for a potential interest rate hike at the central bank’s next meeting on May 25th.