Rand Traders Brace for a Rocky Ride Over Next Two Months

The South African rand’s price swings are set to increase over the next two months as the ruling African National Congress prepares to replace President Jacob Zuma as party leader during a Dec. 16-20 conference. Two-month implied volatility for the currency against the dollar surged to the highest in more than 11 months on Thursday, a day after Finance Minister Malusi Gigaba rattled markets with a bleak budget speech. At 20 percent, it’s by far the highest among major emerging currencies, with Turkey’s lira next at 13 percent.

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