The local currency's recent slide dims hopes of an interest-rate cut
The rand fell for the fifth-consecutive session on Wednesday, its longest losing streak in more than five months, as global investors shied away from riskier assets amid concerns over slowing global growth.
As the JSE closed the rand was 1.02% weaker at R14.4012/$, having lost 9% since its 2019 best of R13.2349/$ on January 31. It was 0.75% weaker at R16.1231/€ and 1.18% softer at R18.6538/£. The local bourse remains up 11.84% so far in 2019, benefiting from a global equity rally in 2019 prompted by a more dovish turn by the US Federal Reserve, as well as easing tensions between Washington and Beijing over trade.
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