The domestic currency had a dismal week, reaching its lowest level in over three months, primarily on the back of a rally in the international oil price and its effect on US inflation and Treasury yields. The dollar strengthened against most major currencies, with the US dollar index gaining 2.4% over the last two weeks. On the local front, national protest action over wages would have also negatively affected the rand.

This week, the rand is expected to trade in a range of R11.92/USD – R12.92/USD, R14.55/EUR - R15.55/EUR and R16.56/GBP - R17.56GBP.