By the end of last week, the rand closed at R18.30 against the dollar and continued to strengthen, reaching R18.20 on Monday.
Last week, the South African rand experienced a significant drop of about 2% on Monday. This was driven by global investors seeking safer assets amid growing fears of a potential US recession, following a rise in unemployment to 4.3% according to recent US payroll data. It is widely anticipated that the US Federal Reserve will cut interest rates in September to counteract the looming recession in the world’s largest economy.
Don’t miss Tuesday, 13 August’s riveting episode of South African soapie Generations: The Legacy on SABC 1 on DStv channel 191.
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