But currently, the currencies of India , Egypt , and Taiwan are more undervalued. The rand has lost more than 10% of its value against the dollar over the past year.
The rand has been hit by aggressive hikes in global interest rates. Investors are used to South Africa offering much higher interest rates than developed markets like the US, which has made rand investments attractive. But following aggressive US rate hikes, that differential has now shrunk. The rand is also closely linked to commodity prices, which have fallen over recent months – along with South Africa's close ties to Russia. We live in a world where facts and fiction get blurred
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