The rand’s two-month recovery has come to a screeching halt, sliding as much as 7% against the dollar as the resurgent greenback and rising US bond yields dampen appetite for emerging-market assets.

The rand is hypersensitive to global sentiment, which remains skittish as investors try to predict the policy path of central banks in the developed markets, most notably the US Federal Reserve, which has said its decisions on interest rates will be data dependent...

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