The rand is being bashed again, but unlike at the end of May — when it weakened within a whisker of R20/$ on acute load-shedding, persistent inflation and South Africa’s diplomatic fallout with the US — this time it’s hostage to concerns about global growth. 

Markets have been perplexed by the currency’s rapid change in direction. It strengthened to about R18.70/$ after the failure of the US Federal Reserve to hike rates at its September federal open market committee meeting, but by midweek had slid to R19.27/$, before recovering to R18.90/$ in the past few days. ..

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