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The rand retreated from a five-month high early on Monday as the dollar strengthened. Shanghai began a two-phase lockdown over Covid-19 testing, which weighed on risk appetite.
Investors were also watching peace talks between Russia and Ukraine scheduled in Turkey that week.
Chinese lockdowns reduce expected demand for commodities and feed inputs, which can weigh on South African export currency values. The rand move itself is a routine currency swing.
moneyweb.co.zaOlivia Kumwenda-Mtambo, ReutersMar 28, 2022Not enough comparable past events yet for a historical read.
Not 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.
