The Rand initially weakened last week and then strengthened significantly, currently trading at R18.27 per US dollar. The stronger Rand is now driven by the weakening Dollar, as there is an expectation that their interest rates may move sideways, and the upward movement is now a thing of the past.

Brent oil prices decreased to $81 per barrel due to lower global demand and reduced concerns about supply related to the Middle East conflict. OPEC mentioned further production cuts while Russia and Saudi Arabia can also extend supply cuts to support prices.