The South African rand weakened on Tuesday, losing steam after a strong performance in July and as global risk-off sentiment increased.
At 1547 GMT, the rand traded at 18.2500 against the dollar , about 2% weaker than its previous close. It alsoThe dollar last traded at 102.33, around 0.4% firmer against a basket of global currencies.
"There was no particular news event that caused the rand to weaken... I think this is just a normal correction," Wayne McCurrie, portfolio manager at First National Bank, told Reuters. Its weakness on Monday coincided with concerns about China's economy that "dampened risk appetite," Andre Cilliers, currency strategist at TreasuryONE, said.for a sixth consecutive month in July.
Hit by the country's worst power crisis to date, infrastructure bottlenecks and high unemployment, South Africa will overshoot its budget deficit target this year, economists
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