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South African rand slides as oil price surge pressures emerging market currencies
JOHANNESBURG: South Africa’s rand weakened against the dollar on Tuesday as a stronger greenback, high energy prices, and softer precious metals heightened concerns over inflation and a wider import bill. At 0815 GMT the rand traded at 16.33 against the dollar , 0.4% down from its previous close. Oil prices rose nearly 2% on Tuesday as concerns over supply disruptions lingered after attacks on Saudi Arabian energy infrastructure left the kingdom’s East-West pipeline offline. This has weighed on the South African currency, as the country is a net importer of oil and therefore vulnerable...
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