Rand Falls as Stalled US-Iran Talks Lift Oil Prices
The rand fell 0.6% to 16.4626 per dollar as oil prices topped 100 dollars. Stalled U.S.-Iran talks raised inflation fears and lifted local bond yields.
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South Africa's rand fell 0.6% against the dollar in the early morning after oil prices rose above $100 per barrel. Stalled peace talks between the United States and Iran fueled concerns that energy-driven inflation will keep interest rates elevated. Higher import costs threaten the recovery of Africa's most industrialized economy as global energy supplies tighten.
