South African Rand Under Pressure
The South African rand approached 16.7 per USD, a low level since late July, pressured by a stronger dollar and ongoing risk aversion. The currency has remained under pressure following a volatile September, with rising Middle East tensions, inflation concerns and weaker commodity prices. A looming fuel-price hike is adding to uncertainty over the inflation outlook. Meanwhile, a fresh PMI survey showed a renewed contraction in the country’s private sector in September, the weakest performance so far this year.
7 per USD, a low level since late July, pressured by a stronger dollar and ongoing risk aversion. The currency has remained under pressure following a volatile September, with rising Middle East tensions, inflation concerns and weaker commodity prices. A looming fuel-price hike is adding to uncertainty over the inflation outlook. Meanwhile, a fresh PMI survey showed a renewed contraction in the country’s private sector in September, the weakest performance so far this year.