The rand, one of the best-performing emerging-market currencies of the past year, looks set to extend gains and climb about 3.7% towards end-2021 due to robust commodity prices and healthy global appetite for riskier assets, says Rand Merchant Bank (RMB).

RMB’s forecast came even as the FirstRand unit said that based on an index that compares the price of milk between countries, the local currency looks overvalued by 17.6%...

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