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The rand’s advance to a two-month high on Wednesday was not enough to convince one of the world’s largest banks of the durability of its gains given the weak domestic economic outlook and an expected jump in US interest rates, which will erode the currency’s appeal.

BNP Paribas SA, the local branch of the French banking group, expects the currency to lose about 7.5% in 2022 versus the dollar, adding to a decline of about 8% in 2021. Despite the losses in 2021, the local currency was still among the better performers among emerging markets, supported by a rally in commodity prices. For the year so far it has gained about 4%...

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