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The rand weakened as much as 0.9% after President Ramaphosa had to fend off a leadership challenge from ANC rivals opposed to his anti-corruption and reform agenda. Implied volatility rose sharply, and South Africa's bond market recorded record net outflows.
Analysts warned that weak growth and the loss of investment-grade status would keep pressure on the currency.
Currency weakness raises South Africa's cost of imported feed inputs and can weigh on domestic livestock margins. The effect on global grain and meal prices is limited.
businesstech.co.zaBloombergAug 31, 2020Not 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.
