Rand falls to 12-week low as investors’ spirits sink

The rand, trading as recently as February 24 at its strongest level in more than 13 months, breached R15.50 for the first time in eight weeks on Monday as prospects of higher inflation and interest rates in major economies saw investors pull money from emerging markets.

SA’s currency slump to an intra-day worst level of R15.57/$, taking its loss for 2021 to 5.15%, was a huge turnaround…