Last week, the South African rand opened at R17.79 to the US dollar, fluctuating between R18.02 and R17.59, driven by economic data affecting both currencies.
, slipping to R18.02 and gaining as much as R17.59, influenced by economic releases that affected both the rand and the dollar.
On Wednesday, the rand strengthened as US job data revealed a slowing labour market, with job openings reaching a three-and-a-half-year low in July. This decline suggested that the Federal Reserve might consider a significant interest rate cut. Domestically, a survey showed increased business confidence in South Africa during the third quarter, driven by optimism around the coalition government and a more stable electricity supply. Thursday saw the rand open at R17.
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