The rand has continued to strengthen trading against the dollar at levels seen previously in October last year, which is some good news as the country faces steep fuel increases once again.
JOHANNESBURG - The rand was trading at around R14.55 to the dollar as of Saturday afternoon.
Economists say there has been improved risk sentiment in global markets following hawkish comments from the US Federal Reserve.This is good news with the country facing high fuel prices, which are calculated on the rand dollar exchange rate along with the oil price. Brent, crude however, is trading at around $120 a barrel, so while a stronger rand will help, fuel prices are expected to shoot up once again.
The Minerals and Energy Department has been called on to lower the fuel and Road Accident Fund levies to counter this, but there has been no word yet.
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