The rand's rally to a five-month high against the dollar may be short lived as investors focus more on the impact of a slowing US economy than on Federal Reserve interest-rate cuts that may increase the appeal of higher-yielding assets such as South African bonds.

The rand has gained 3.36% over the past month, making it the biggest gainer among emerging markets, which have been broadly boosted by speculation that the Fed will start an easing cycle as soon as July.

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