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The rand fell as much as 2.5% on April 21 to 15.4038 per dollar and was on track for its worst week since the pandemic began. Floods that may cost R10 billion, a possible Covid resurgence and rolling power cuts compounded pressure from hawkish Fed policy.
Analysts say the rand is highly sensitive to higher US Treasury yields.
Currency weakness in South Africa raises the local cost of imported feed ingredients, while the broader rise in US yields supports the dollar and pressures commodity prices.
moneyweb.co.zaAmelia Pollard, BloombergApr 21, 2022Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
