The rand enters the new week having lost significant ground against the US dollar. The local currency was trading at R13.75 at the beginning of June.
It’s since weakened against a strengthening dollar, and was further pressured by the recent riots and looting.
Analysts say last week’s flag by the South African Reserve Bank that interest rates could stay low for longer, also added to the weakening. A weaker currency stokes inflation as it increases the cost of imports.
The rand is now hovering around R14.80 to the dollar.
In other news – Shona Ferguson fighting for his life in ICU
Actor, filmmaker, and actor Shona Ferguson is fighting for his life after undergoing a heart operation at a private hospital in Joburg.
The 47-year old actor who is also husband to actress Connie Ferguson was admitted more than a week ago to Milpark private hospital where he is currently in the intensive care unit (ICU). Learn more
Source: eNCA
