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The rand ain’t what it used to be

The sharp drop in the South African rand this week is in large part driven by one-off factors, including the news that the country’s government may have supplied arms to Russia and thereby put itself at risk of US sanctions. But it highlights a broader trend for the rand: like several other major emerging market currencies, its fortunes are more and more driven by idiosyncratic factors and less closely linked to the global economy and financial markets

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