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Rand Trims Gains But Remains Best EMEA Performer

ZAR

South African Rand has stabilised after rallying on the back of the dissipation of political risk premium associated with uncertainty surrounding President Cyril Ramaphosa's fate. The incumbent secured a resounding victory in the ANC leadership contest, putting efforts to unseat him to bed.

  • Spot USD/ZAR last trades at ZAR17.3160, down ~3,680 pips on the day, off its intraday low of ZAR17.1960. The pair's move away from worst levels occurred in sync with an uptick in the BBDXY index. The Rand remains the best EMEA performer, by a comfortable margin.

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