Rand continues to plummet against US dollar

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Pixabay/Karelien Kriel 

JOHANNESBURG - The rand starts the day back over R14 to the US dollar.

The local currency took a steep slide on Wednesday in reaction to a surging US dollar.

READ: Rand weakens against dollar

The dollar rose after the US central bank indicated it expected to see two interest rate hikes in 2023.

A higher interest rate environment strengthens the dollar and by extension, weakens emerging market currencies like the rand.

A weaker rand can push up the petrol price and make other imported goods more expensive.

Source
eNCA

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