Rand drops to three week low

SABC News Rands Reuters - Rand drops to three week low

The rand has dropped to a three-week low against the greenback in early trade, its weakest level since the beginning of this month.

The dollar gained strength on the back of robust US economic data, such as better-than-expected new home sales in March.

Several factors including an increase in oil prices, concerns about the fiscal state of Eskom and the forthcoming local elections in May also weighed on the local currency.

It’s currently trading at R14.34 to the dollar.

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