Unnerved by surging oil prices and the potential effect on global inflation ?and growth, global investors are dumping risky assets such as the rand and taking profit on some of their best-performing trades, Reuters reports.
Pressure on the rand is also expected to continue after Brent Crude reached 107.48 per barrel on Sunday, up 15.96 daily and 55.68 monthly, while West Texas Intermediate crude hit 108.58 per barrel, up 19.45 daily and 68.71 monthly, Trading Economics reports.
When the market opened on Monday, the rand traded at 16.85 per US dollar, shedding 2 from its previous close and hovering around its weakest level since ?mid-December.
