(Reuters) - South Africa's rand weakened versus the dollar on Monday, as the greenback hit a five-week high due to short-covering and lowered expectations that the U.S. Federal Reserve would cut interest rates.
At 1455 GMT, the rand stood at 7.0345 to the dollar, about 0.5 percent softer than its New York close of 6.9975 on Friday. Robust demand for the South African currency pushed it to its strongest level of 6.9808/dollar earlier in the session.
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At 1455 GMT, the rand stood at 7.0345 to the dollar, about 0.5 percent softer than its New York close of 6.9975 on Friday. Robust demand for the South African currency pushed it to its strongest level of 6.9808/dollar earlier in the session.
Read more at Reuters Africa
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