The rand is tumbling after S&P cuts South Africa to junk

The S&P cut South Africa to junk.
And the South African rand is tumbling. It's down by 1.9% at 13.6823 per dollar as of 11:39 a.m. ET.
The downgrade reflects the agency's view that the divisions of the ANC-led government that have led to changes in leadership — including the recent sacking of the finance minister — have put policy continuity at risk, S&P said.
Moreover, the agency said the outlook is "negative," which reflects its views that political risks will remain e