The South African rand has been crushed in the wake of political upheaval in the ruling African National Congress party.
On Monday, ratings agency S&P cut South Africa’s credit rating to junk status and the rand promptly fell by 2% against the US dollar.
Junk debt, as it is known, is any debt carrying a long-term rating of BB+ or lower.
The currency has fallen more than 12% since last Monday, when President Jacob Zuma ordered his finance secretary, Pravin Gordhan, to return home from an international investor roadshow.
Zuma has since sacked Gordhan, a well respected figure in the finance community who was presiding over a plan to reign in government spending.
This chart, via investing.com, shows the key events which have led to the USD/ZAR shooting higher.
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