South African rand weakens as oil prices rise
The South African rand fell 0.3% to 16.6050 against the dollar on Monday as rising oil prices and geopolitical tensions in the Middle East dampened risk appetite. Investors are now awaiting domestic GDP and manufacturing data later this week to gauge the health of the economy.
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South Africa's rand fell 0.3% to 16.6050 against the dollar on Monday morning as Middle East tensions drove oil prices higher. The currency faces pressure from the dollar reaching a two-month high and a $4 per barrel jump in Brent Crude Oil prices. Global risk aversion and rising energy costs threaten the stability of Africa's most industrialized economy.
