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The JSE dropped the most since the start of the pandemic and the rand retreated from its strongest level since November as local markets were caught up in a global sell-off driven by factors ranging from higher US interest rates to geopolitical tension.

The rand’s drop on Monday was the first in four trading days and the biggest since late December, with the local currency falling victim to investor preference for the US currency, a favourite when investors are seeking to reduce risk. On the other hand, the rand is often used as a proxy for sentiment towards emerging markets due to its status as one of the most easily traded currencies...

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