For the rand, Ramaphoria is over. The currency slumped as much as 2% against the dollar on Tuesday to its weakest level in more than six months — when Jacob Zuma was still president. It has unwound all the gains it made after Cyril Ramaphosa took over as ANC leader in December. The rand, which peaked at R11.50 to the dollar earlier in 2018, has been hammered by speculation that US President Donald Trump will spark a full-on trade war with China, fuelling a slide in emerging market assets on concern the global economy will slow. Domestic drivers include an economy that contracted more than 2% in the first quarter, lingering concerns about the financial viability of state-owned institutions — much of whose debt is backed by the government — infighting within the ANC and the debate about the expropriation of land without compensation. The rand slumped to a worst level of R13.9168 to the dollar on Tuesday, before recovering slightly to R13.7556 shortly after 7pm. It ended Monday at R13....

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