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JOHANNESBURG – The rand is coming under increasing pressure as hopes for interest rate cuts begin to wane.
On Monday, the local unit fell to a significant low of R19.23 cents against the US dollar and has since recovered somewhat to about R19.16.
The rand is also facing pressure from the US dollar – which has firmed significantly on the back of a greater chance for an interest rate pause being priced in by traders, rather than a rate cut, in March amid resilience in the US economy.
Markets are also focusing on Q4 US GDP data due out on Thursday.
The rand – which is the weakest in three months, will push up the price of fuel and higher inflation.
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