MARKET WRAP: Rand takes another hit as dollar flexes muscles ahead of Fed meeting

The rand weakened to a two-year low against the rampant dollar on Friday, stretching its year-to-date losses to a hefty 10%, indicating the extent to which the local currency is susceptible to global risk perceptions.

SA’s currency, regarded as proxy of sentiment towards emerging markets that are perceived to be riskier, fell 0.79% to trade at R17.69/$ by 6.30pm, its weakest since August 2020…