The rand is headed for a fourth weekly loss versus the dollar, the longest streak since an emerging-market-wide selloff in October. The rand is already down 4.1% this year, while most of its peers are firmer, with Chile’s peso racking gains of over 6%. “By our estimates, the pair would have space to sell off by almost 5%, with all else equal,” she said. "If the crisis worsens - a scenario that cannot be ruled out - the market will have to carry an even larger risk premium," she said. "A more severe deterioration would likely see USD/ZAR test the triple top at ~18.50, with all else equal."

Source: News 24 February 10, 2023 21:47 UTC