The rand’s longest run of gains against the dollar in three weeks may be thwarted as investors look to the imminent departure of the country’s bonds from key indices, potentially leading to renewed outflows.

SA’s currency, the second-worst performer among emerging markets with a 25% drop in 2020, gained in each of the past three days as an increasing number of countries opened up their economies from extreme shutdowns prompted by the Covid-19 pandemic.

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