S. African rand drops 0.15%

The rand fell to its lowest this year as a dispute within the ruling African National Congress over the central bank, weakened demand. It was over 0.5% weaker to just over 15 Rand to the Dollar. That's the first time the currency has been there since October 2018. For the most part, the latest turbulence has been triggered by a very public, internal squabble within the ruling ANC party on if the Central Bank's mandate should be expanded to include a focus on jobs and growth. Earlier in the week, grim data indicated that the country's economy had contracted by 3.2% in the first quarter. In response to calls for a change in mandate, the South African Reserve Bank has reiterated that its focus remains firmly on price stability, as laid out in the constitution.

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