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Market Signals Point to Rand’s Revival After Weeks of Losses
South Africa’s rand is on track for a sixth consecutive week of declines versus the dollar — but there are indications the selloff may be about to ease. One of this year’s worst emerging-market performers, the rand has carried a heavy risk premium amid concerns about the nation’s growth as state-owned power company Eskom Holdings SOC Ltd deploys unprecedented rolling blackouts. Anticipation about a government bail-out of the company have also been baked into the rand, which has floundered as peers such as Chile’s peso have surged. The tide may be turning. Investors largely welcomed Finance Minister Enoch ... (full story)