Rand's Ramaphosa Honeymoon Ends as Investors Take Bearish Turn
- Down 9.5 percent this quarter, reversing gain since December
- Record bond outflows weigh on currency amid EM selloff
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South Africa’s President Cyril Ramaphosa marked his first 100 days in office this month, and it seems the honeymoon period is over for the country’s currency too.
Bolstered by renewed investor confidence in Africa’s most-industrialized economy, the rand surged to a three-year high against the dollar in February, and held most of those gains for the rest of the quarter. Since then, it’s been downhill as emerging-market assets faced headwinds including rising U.S. rates, trade tensions and crises in economies from Argentina to Turkey.