Rand continues to strengthen towards US greenback buying and selling at R14.55

There are mounting worries about gasoline costs, that are set to be adjusted within the subsequent few days.

South African rand banknotes. Image: Cindy Archillies/Eyewitness New

JOHANNESBURG – The rand has continued to strengthen buying and selling towards the greenback at ranges seen beforehand in October final 12 months, which is a few excellent news because the nation faces steep gasoline will increase as soon as once more.

There are mounting worries about gasoline costs, that are set to be adjusted within the subsequent few days.

The stronger rand has been the one defence on the subject of gasoline costs.

The rand was buying and selling at round R14.55 to the greenback as of Saturday afternoon.

Economists say there was improved threat sentiment in international markets following hawkish feedback from the US Federal Reserve.

The say a weakening euro because of the battle in Ukraine has additionally helped the rand.

That is excellent news with the nation dealing with excessive gasoline costs, that are calculated on the rand greenback alternate charge together with the oil value.

Brent, crude nevertheless, is buying and selling at round $120 a barrel, so whereas a stronger rand will assist, gasoline costs are anticipated to shoot up as soon as once more.

The Minerals and Power Division has been referred to as on to decrease the gasoline and Street Accident Fund levies to counter this, however there was no phrase but.

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