The rand weakened to its worst level since mid-October as investors stayed wary ahead of a crucial US inflation report and the Federal Reserve’s interest rate decision due this week.
On Monday evening, the local currency was trading at R19.10/$. The rand has lost 10% of its value over the past year. Other emerging market currencies also retreated.
The US Federal Reserve updates its policy on borrowing costs on Wednesday, followed by interest rate decisions from the European Central Bank and Bank of England on Thursday.
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