South Africa’s rand weakens as global recession fears weigh
JOHANNESBURG – South Africa’s rand weakened for a second straight session on Wednesday, after dismal U.S. manufacturing data raised fears of a global recession and underscored the damaging effects of the prolonged trade war between Washington and Beijing.
At 0630 GMT the rand was 0.26% weaker at 15.3750 per dollar from an open of 15.3300, extending losses for the month to nearly 1.7%.
Data on Tuesday showed U.S. factory activity shrank in September to its weakest in over a decade, ratcheting up fears that the U.S.-China trade war is hobbling the world’s largest economy.
Source: iol.co.za
