Rand Declines Most in Two Weeks Against Dollar on Metal Prices
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The rand depreciated the most against the dollar in two weeks after commodity prices dropped for a second day, damping demand for South Africa’s metal exports and shares in the country’s mining companies.
The rand weakened as much as 1.3 percent to 6.6658 per dollar, and traded 0.7 percent down at 6.6251 per dollar at 5 p.m. in Johannesburg, its biggest intraday decline since April 18. The South African currency slipped 0.5 percent to 9.8324 per euro.