Rand declines by over half a percent against US dollar

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The rand declined by more than half a percent against the US dollar.

Despite the selloff in developing markets, the local currency has held up fairly well.

The latest vote totals present a challenging scenario for the markets, with the ruling party holding almost 42% of the total votes counted in the national election. Traders are likely to remain cautious until solid projections for the election outcome are available.

The rand is currently trading at R18.61 to the dollar.

What the markets would like to see as voting continues: