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The South African currency buckled under external factors – including a more buoyant greenback – as well as fiscal and debt sustainability warnings according to NKC Research.
The International Monetary Fund warned on Monday that government needs to enact reforms urgently in order to stave off prolonged weak growth marked by “rising unemployment, inequality and greater credit-rating risk.”. At the close of local trade, the rand quoted 0.17 percent weaker at R14.78/$. The rand sunk lower in Asian trade this morning. The expected range of the rand against the greenback today is R14.70/$ - R15.00/$.
South African bourse
The JSE All Share (-1.2 percent) ended in the red yesterday as a weaker currency and gold prices weighed on large bank(-3.0 percent) and gold mining (-2.0 percent) stocks, respectively. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.53 percent) traded lower.
