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South African rand strengthens as Eskom announces reduced power cuts

On Friday, the South African rand strengthened as utility company Eskom said it would reduce the length of rolling power cuts over the weekend. In the afternoon, the rand traded at 17.1275 against the dollar, 0.72% stronger than its previous close. The past week has seen some of the worst power outages on record in the nation, at least six hours a day for most households and often as much as 10 hours.

Eskom said in a short statement power outages would be reduced to "Stage 3" on Saturday and to "Stage 2" on Sunday morning.

The power cuts are a major source of frustration with the governing African National Congress ahead of elections in 2024, when the party could lose its majority in parliament for the first time since the end of apartheid.


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