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The rand hit a new 12-month low on Tuesday, trading at R15.88 per dollar, as the dollar rose on bets for faster US rate hikes after Biden backed Powell for a second term. South African government bond yields also edged higher.
Expectations of faster US rate rises draw capital from riskier emerging markets and weaken currencies such as the rand, which raises the cost of dollar-priced feed imports.
moneyweb.co.zaOlivia Kumwenda-Mtambo, ReutersNov 23, 2021Not 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.
