The rand continues to hover around two-year lows against the US dollar at R17.30 to the dollar. Analysts say local price rises may take longer to ease if the rand continues to weaken. The rand is weakening is due to a stronger dollar.
The US currency has been strengthening as investors flee to it due to fears of a global recession and higher interest rates in that country.
A weaker rand stokes inflation and supports the case for the Reserve Bank to increase interest rates further.
Source: eNCA
In other news – Sweetest messages pour in for Musa Mseleku’s wife number 4, MaNgwabe
Uthando Nesthembu reality star Mbali MaNgwabe Mseleku has reached a milestone. On Thursday, 2 September, she graduated at Thembelani Nursing College.
In the previous episodes of Uthando Nesthembu, she made it clear to her husband, Musa Mseleku, that she was committed to her studies. Learn more