Rand extends losses as dollar and oil prices climb
The South African rand extended its losses as a stronger US dollar and rising oil prices dampened appetite for risk assets. Higher petroleum imports and inflation risks added further pressure to local markets.
Insights:
South Africa's rand fell 1% to 16.7025 against the dollar during Wednesday's afternoon session, pressured by a stronger dollar and rising oil prices. The currency dropped 0.7% from morning levels as risk appetite waned. High petroleum imports have kept the currency sensitive to energy costs.
