The rand weakened along with other emerging-market currencies on Wednesday as the euro pulled back from recent highs on comments from the European Central Bank .
The ECB’s chief economist Philip Lane caused investors to hit the pause button on the recent run-up in the value of the euro after he said that the exchange rate “does matter” for monetary policy. This comes after the euro briefly rose above $1.2 to the dollar for the first time in more than two years, pushing the price of imports from the region higher.
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