The South African rand crashed on Thursday minutes after the US ambassador accused the country of providing weapons and ammunition to Russia.
The currency lost more than 30 cents of its value against the dollar, according to local media. This was the rand’s weakest since the record low set in 2020.
US ambassador to South Africa Reuben Brigety said the weapons and ammunition were loaded onto a Russian ship that docked at the Simon’s Town naval base in Cape Town in December last year.
The report triggered fears that the US would take economic action against South Africa.
The office of the South African President, Cyril Ramaphosa, said there would be an independent inquiry into the allegations, led by a retired judge.
