The Rand strengthened significantly last week, trading at R18.20 per dollar at one point. However, it has since weakened to R18.66. The Rand’s movement is currently driven by interest rate adjustments and expected adjustment both in America and locally. However, it appears that interest rates will likely remain unchanged over the short term.
Brent oil prices are decreasing to $80 per barrel due to concerns about significantly lower demand from the United States and China, the two largest oil consumers globally. OPEC will meet again on November 26 to decide on production; if they decide to cut it again, prices may recover.