South African rand slips to almost four-week low

By Reuters

South African bank notes featuring images of former South African President Nelson Mandela (R) are displayed next to the American dollar notes in this photo illustration. REUTERS/Siphiwe Sibeko

South Africa’s rand fell early on Monday, ahead of a policy-focused week in which the U.S. Federal Reserve and the Bank of England (BoE) are expected to raise interest rates to tame inflation.

At 0634 GMT, the rand traded at 16.0300 against the dollar, down 1.01% from its previous close, its lowest in almost four weeks.

The dollar index , which measures the greenback against a basket of six major peers, was up slightly at 104.5, as hot May U.S. inflation data on Friday drove up Treasury yields.