Rand weakens as Middle East conflict impacts oil prices
The South African rand weakened on Monday as Middle East conflict kept oil prices elevated. Analysts expect inflation pressure on the net energy importer.
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The South African currency weakened on Monday as the month-long conflict in the Middle East sustained high energy prices, leaving investors searching for clarity on diplomatic efforts between the United States and Iran. At 1413 GMT, the rand was trading at 17.1850 against the U.S. dollar, a decline of 0.4% compared to the close of the previous week.
