Flanking reserve bank governor Gill Marcus will be President Jacob Zuma and Finance Minister Pravin Gordhan, but the offices of each public official did not disclose to the news service what will be the gist of the public statements. The press conference is scheduled for 3 p.m. South Africa time at the Reserve Bank in Pretoria.
"The rand is definitely on the back foot as a result of this," analyst Michael Keenan with Absa Group in Johannesburg told the news service.
At one juncture on Friday, losses suffered by the largest economy of the African continent amounted to 2.6 percent, emerging as the worst-performing of more than 20 currencies of emerging market nations monitored by the news service.
Friday also saw stocks in South Africa fall 1.3 percent as they notched their first weekly decline thus far this year, according to Reuters. Troubles in Greece, which is working toward acquiring its second tranche of bailout aid since June 2010, are dragging down the nation's stocks.
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