Currencies
Trade War Fears Hit South African Rand, Sparking Biggest Drop Since June
- Rand weakens to as much as 18.9680 per dollar on Wednesday
- Currency is the worst performing among developing-nation peers
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The South African rand weakened sharply on Wednesday, sliding to its lowest level in seven months as investors worry about the possibility of sweeping tariffs from US President-elect Donald Trump.
The currency tumbled for a second consecutive session, falling as much as 1.4% — the steepest decline among emerging-market peers tracked by Bloomberg. Over the past two days, the rand has notched its biggest decline since June of last year.