Rand touches R15.99 to dollar, erasing war losses

South Africa’s rand strengthened below R16 per dollar, erasing its Iran war losses.

The rand, often seen as a proxy for developing-nation assets, gained 0.8% to R15.99 per dollar at one stage on Friday as the greenback weakened to a three-month low after the US Treasury announced debt buybacks to push yields lower.

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South Africa’s currency slumped to a four-month low in March as the Middle East conflict drove oil prices higher. It clawed back some losses before losing ground again in July after the South African Reserve Bank held back on raising interest rates in a surprise decision.

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