Rand trades near 16.2 per USD at over-1-week low
The rand traded around 16.2 per USD, its lowest since late August. It was pressured by higher oil prices and a firmer dollar amid rising expectations of a Fed rate hike next week.
2 per USD, its weakest level since late August, as higher oil prices and a firmer dollar weighed on the currency amid rising expectations of a Fed rate hike next week. Risk sentiment stayed fragile after escalating Middle East hostilities lifted energy prices and added to concerns about a longer conflict, clouding the inflation outlook. 3% in July from 5% in June, but higher fuel costs are expected to renew price pressure. 8% drop in June.
2% in Q2, ending a six-quarter expansion streak, leaving the SARB to balance inflation control against support for growth later this month.