Rand continues downward spiral

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The Rand’s decline continues, with analysts expressing concerns over the local currency’s weakness while investors await guidance from upcoming US employment data scheduled for release on Friday.

According to analysts, the Rand (ZAR) lacks resistance to the wider Ebb and flow of market sentiment due to SA’s increased fiscal vulnerabilities and weakening economic fundamentals.

The rand has already declined by more than 3% for this month and about 13% this year.

It’s currently trading at R19,60 to the US dollar.

Concerns over Rand weakness against US dollar