SA's economic trouble | The rand's gains and losses

JOHANNESBURG - It's been a mixed bag for the rand in recent weeks.

The local currency has made gains against the dollar.

But has lost value against the pound and euro.

READ: World economy faces more pain in 2023 after a gloomy year

This is due to fears of a global recession if interest rates are raised too much.

Econometrix Chief Economist Dr Azar Jammine says the rand's decline has been curtailed, for now.

"It's a bit of a mixed bag but generally speaking the currency has stopped depreciating in recent weeks and months on expectations that maybe the world economy will not be subject to quite as sharp an increase in interest rates that had been expected."