Expectations of relief at the fuel pumps in September could be dashed if the rand continues to weaken along with other emerging-market currencies that are bearing the brunt of geopolitical tensions and improvements in the US economy. The rand slipped as much as 3.2% against the dollar to R14.15 and was down over 6% for the week on Friday. The Turkish lira plunged almost 20% against the greenback for the week, Brazil's real declined more than 3% and the Russian rouble weakened almost 5% over the past few days. The slippage in emerging-market currencies follows an escalation this week in the tit-for-tat trade spat between the US and China. China retaliated with an extra 25% duty on $16bn (about R225bn) worth of US goods, including oil products, steel and cars. This comes after the US added an extra 25% duty on $16bn of Chinese goods. Russia was also in the firing line as US President Donald Trump firmed up his intention to impose sanctions on that country, which he holds responsible f...
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