SA’s first current account surplus in about 18 years, which propelled the rand to being among the best-performing currencies in the latter part of 2020 even as foreign investors dumped SA bonds, will probably be less supportive in 2021.

As the surpluses narrow, exposing the local currency to swings in investor sentiment, the rand is likely to come under renewed pressure as the country’s junk status hobbles its ability to attract capital flows at a time when the prospect of an end to ultra-easy policy in developed nations draws capital away, economists said...

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