Rand weakens as rising oil prices pressure South Africa
The South African rand declined in early trade as rising global oil prices weighed on local markets. Investors are carefully assessing the government's mid-term budget review and temporary fuel tax relief.
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South Africa's rand fell 0.5% to 16.45 against the USD/ZAR in Thursday morning trade. The currency faced pressure from climbing Brent Crude Oil prices and an ongoing mid-year budget review. Energy shocks threaten import costs as the government introduces temporary fuel tax relief.
