Rand weakens after Donald Trump wins US elections
Trump was elected US President on Tuesday after scoring more than the needed 270 electoral votes.
Picture: Eyewitness News
JOHANNESBURG - Following news of Donald Trump’s second election win, the rand is seeing red on Wednesday afternoon.
Trump was elected US President on Tuesday after scoring more than the needed 270 electoral votes.
He beat outgoing Vice President Kamala Harris at the polls, giving the 78-year-old a seat at the White House.
The rand has weakened against the dollar since the start of trade on Tuesday.
After opening around R17.37, it tanked to R17.82 in the early hours of trade before recovering marginally.
The 2% move is the biggest one-day decline in more than a year.
While market volatility was already seen in the buildup to the 5 November polls, the long-term impact of Trump’s win is expected to take longer to filter through markets.
While counting continues, Trump has already garnered more than the 270 electoral college votes needed to win.
Trump bagged North Carolina and flipped a number of the other swing states including Georgia, Wisconsin and Pennslyvania.