The rand extended losses at lunchtime on Tuesday, after the South African economy slipped into a technical recession, striking a severe blow to the "new dawn" narrative championed by President Cyril RamaphosaThe rand fell as much as 2.5% to R15.26 to the dollar, its weakest level in about three weeks, making it the worst performer among emerging-market currencies on the day.The contraction in the local economy had a domino effect on banks and other stocks that largely depend on its performance.Diversified industrial group Bidvest, which has a wide footprint across the economy, fell 5% to R203.16 on the JSE. Retail stocks were down between 2% and 4%.The developments come at the worst possible time for the rand, which is also reeling from poor sentiment towards emerging markets. The weak state of the local economy and weaker currency will likely put the Reserve Bank in a tight corner when its monetary policy committee meets later in the month to decide on interest rates.Its meeting wi...

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