The rand went into free fall on Thursday afternoon as the country awaited the fate of President Cyril Ramaphosa, following the release of a report on the Phala Phala scandal.

In afternoon trade the rand extended losses, falling by the most since June 2020, when the country was in the midst of the hard Covid-19 lockdown. At 3.35pm it had weakened 3.66% to R17.85/$, 4.55% to R18.72/€ and 5% to R21.81/£...

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