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The rand dropped to its weakest level in almost a year on Wednesday, breaking through the psychologically important level of R15 against the dollar as investors fled local assets after Moody’s Investors Service warned that Eskom was in urgent need of a turnaround plan. 

The rand weakened as much as R15.18/$ during Wednesday’s session as the market reacted to Moody’s warning that the R105bn two-year bailout for Eskom cannot do more than stabilise the troubled power utility and that a longer-term solution is required. ..

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