South African rand falls as dollar surges on Fed rate hike forecasts

THE South African rand weakened further on Friday, dragged down by a stronger dollar as Federal Reserve officials continued to talk up the need for further interest rate hikes.

At 1529 GMT, the rand was trading at 17.0275 against the dollar, down 0.89% from its previous close.

The rand has now lost more than 5% against the dollar this week as the U.S. currency has forged higher on global markets.
(Reuters)