02 May 2022 – 23:19
After breaking a nine-day losing streak on Friday, the rand fell as much as 2.44%, its biggest drop since November 2021, as global markets prepare for interest rate increases from the US Federal Reserve (Fed) and the Bank of England this week.
After the gains on Friday, the tumble on Monday took the rand to an intraday worst of R16.1951/$, a level last seen in mid-December. In extremely volatile trade, it pared losses later in the day but remained substantially weaker, suggesting some wide ranges this week. The rand’s move came as SA markets were closed for the Workers’ Day holiday…