The rand is taking a beating in markets this week as a combination of local and global issues weighs the currency down.

The local unit was trading at R18.22 to the dollar on Friday morning (17 February) having broken and settled over the R18 to the dollar mark earlier in the week.

The rand had been on the cusp of R18 for much of the week, but was pushed over the edge after strong economic data in the US raised flags for further rate hikes by the Fed.

Locally, rating agency Fitch issued a stern warning over the ongoing load shedding crisis, while investor sentiment soured as the governing ANC pushed harder into far-left policies and alliances.