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South Africa's Rand Falls After Gloomy Fed Outlook

South Africa's Rand Falls After Gloomy Fed Outlook

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 South Africa’s rand slipped on Thursday, tracking emerging markets as bleak economic projections from the U.S. Federal Reserve rattled investors. At 0635 GMT, the rand traded at 16.7100 per dollar, 1.09% weaker than its previous close and giving up gains made on Wednesday when it touched 16.3210, its strongest since March 16. Executive director at Peregrine Treasury Solutions in Pretoria, Bianca Botes said in a note that the gloomy outlook by the Fed brought over optimistic markets back to reality. Fed policymakers projected the U.S. economy to shrink 6.5% this year and the unemployment rate to be 9.3% at year-end. The projections dented hopes that economies would recover more strongly once coronavirus lockdowns are lifted, driving investors away from riskier currencies. Learn more about your ad choices. Visit megaphone.fm/adchoices

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