Rand dives after Ramaphosa cancels Davos trip over energy crisis

The rand dropped on Monday after President Cyril Ramaphosa cancelled a trip to the World Economic Forum (WEF) in Davos to deal with the country’s energy crisis, as struggling state utility Eskom’s worst ever power cuts continued. The rand  traded at 17.065 against the dollar at 09:30 GMT, 1.29% weaker than its previous close and its weakest level since December 1.