Rand weakens against dollar

File: A person holding South African Rands. AFP/Phill Magakoe

JOHANNESBURG - The rand begins the week on the back foot against the US dollar.

After weeks of strong gains, the local currency ended last week having lost almost two percent against the greenback.

That was its biggest loss since late February and has much to do with international factors.

READ: Rand strengthens against dollar

Investors have pulled back from emerging market currencies.

A stronger rand-dollar exchange rate drives fuel prices lower and makes imported goods cheaper.

The rand is now hovering around R13.70 to the dollar. 


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