Rand slips amid tightly contested US election

The rand weakened as much as 2% in mid-morning trade on Wednesday, on course to end a three-day winning streak, following in the footsteps of other emerging-market currencies as a tight US presidential election potentially leaves the outcome in doubt for days. 

The rand has been in demand in recent days, breaking below the R16/$ level for the first time since March on Tuesday, as investors bet a win by Democratic contender Joe Biden would ease political risk, take a freer approach to international trade and put pressure on the dollar with a larger Covid-19 economic stimulus package.