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Rand continues to weaken against dollar

Traders say that the local currency has slipped 0.8% to hit its weakest level in almost five months.

Picture: EWN

JOHANNESBURG - The rand has continued to weaken against the dollar, losing substantial ground over the past week.

Traders say that the local currency has slipped 0.8% to hit its weakest level in almost five months.

The dollar has risen to a fresh highs against a basket of currencies.

Traders say that the stronger greenback is due to expectations of higher US interest rates this year and a general shift from riskier assets.

The US Federal Reserve is expected to keep interest rates on hold at its two-day policy meeting this week, with a June hike already priced in.

Economists say that the dollar has strengthened as a result.

The local currency is not alone, with Turkey's lira almost matching the rand's losses.

Turkey raised its interest rates last week with other countries talking of possible hikes.

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