The rand has surprised almost everyone thanks to a 19% rally over the past six months that has propelled it to the best-performing emerging market currency against the dollar over that period. Now, one local asset manager says the currency’s bull run has further to go.

Cape Town-based Prescient Investment Management, which oversees R102bn in assets, says the rand is “structurally undervalued” and will rally further as SA’s comparatively high yields attract investors from markets such as the US and UK where yields are close to zero...

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