South African rand flat against dollar; stocks rise

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South Africa's rand was flat on Monday, having regained its losses from earlier in the day after a decision by major oil producers to reduce supply caused the dollar to briefly spike.

The dollar index which measures the currency against six rivals, was down about 0.8%.on Sunday its decision to reduce oil supply by about 1.16 million barrels per day.

The decision pushed oil prices up over 6% on Monday and drove dollar strength initially, although it was short-lived. Investors are on diverging central bank policy with the Federal Reserve widely viewed as nearing the end of its rate-hike cycle.

 

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Please can someone explain this to a non financial person? I’ve read it twice and I understand the individual words but have no idea what it means

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