MARKET WRAP: Volatile rand lives up to its reputation with biggest loss in more than two months

The rand, in line with its status among the most volatile currencies, followed up its biggest gain in more than three years with a drop that was the biggest in two months as local politics came back to the fore.

After being as strong as R16.5497, the currency failed to touch the key R16.50/$ level and was by 6:58pm, closer to R17/$. It was eventually 2.1% weaker at R16.9498/$ for its biggest drop since June 11, having gained 2.6% on Friday.