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The rand, which slid to its lowest level against the dollar in five months, may face months of volatility as investors await a timeline for a reduction of monetary stimulus by the US.

SA’s currency, which weakened to all-time lows near R20/$ after the Covid-19 outbreak reached SA late in March 2020, has since been among the best performers, as record-low interest rates and bond purchases in developed markets fuelled demand for higher-yielding assets...

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