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South African rand weakens as higher oil weighs, Fed meeting looms
JOHANNESBURG: The South African rand edged lower in early trading on Monday as renewed supply disruptions in the Middle East pushed oil prices higher, adding pressure on the currency, while investors looked ahead to the US Federal Reserve’s policy meeting later this week for clues on the interest rate outlook. At 0815 GMT the rand traded at 16.2350 against the dollar , about 0.6% down from its previous close. Oil prices rose about 3% on Monday, as attacks on Saudi infrastructure and Gulf shipping deepened supply concerns. This has weighed on the South African currency, as the country is...
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