Rand weakens towards R16/$ amid US rate hike jitters

Markets Rand weakens towards R16/$ amid US rate hike jitters The expectation of higher interest rates in the US and the embattled Turkish lira are putting pressure on the local currency 24 November 2021 – 08:27 Andries Mahlangu Picture: 123RF/UFUK ZIVANA The rand was at its weakest level against dollar in about a year on Wednesday morning as the expectation of higher interest rates in the US and the embattled Turkish lira kept the local currency under pressure. The rand was within a touching distance of R16/$, from R14.91/$ two weeks ago, reflecting the effect of the expected changes in…