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South African rand pressured by rising oil prices as investors weigh budget review
JOHANNESBURG: The South African rand weakened in early trade on Thursday, pressured by rising oil prices as investors continued to assess the government’s mid-year budget review, which included two months of temporary fuel tax relief. At 0649 GMT the rand traded at 16.45 against the dollar , roughly down 0.5% from its previous close. Oil prices rose more than $1 a barrel on Thursday after more Houthi attacks in Saudi Arabia stoked concerns over a broader escalation of conflict and further disruptions to supplies from the Middle East. South Africa imports most of its fuel, leaving it vulnerable...
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