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Rand drops 3% against USD

Rand drops 3% against USD

Mubasher: The South African Rand declined by 3% against the US Dollar on Wednesday.

The drop in the South African local currency comes due to selling pressuers, as investors sold around ZAR 34.7 billion ($2.5 billion) worth of bonds during the preiod from January to June.

The Rand lost more than 12% of its value against the USD year-to-date, as it is now traing near ZAR 13.92 per USD.