The rand’s biggest intraday drop in six weeks could be a sign of more to come if President Cyril Ramaphosa fails to enact growth-boosting reforms while the global environment worsens, analysts said.

Wednesday’s decline pushed the rand, which often acts as a proxy for investor sentiment towards emerging markets, above R15/$ for the first time since September 4, as Democrats’ move to impeach US President Donald Trump added another layer for a global economy that was already reeling from US-China trade tensions and a slowdown in key markets such as the eurozone.

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