The rand, traditionally one of the most volatile emerging-market currencies, is set for another bumpy year as investors struggle to assess the effect of a weak domestic economy and geopolitical risks.

Reflecting the difficulty of predicting the rand’s fortunes, analysts who spoke to Business Day said the currency could strengthen as much as 4.4% against the dollar in 2020 if the government makes progress in stabilising its finances and turning around Eskom...

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