The rand is missing out on the emerging-market rebound.<\/p>\n
While MSCI\u2019s gauge for developing-nation currencies is up 0.2%, with 17 out of 24 major peers gaining against the dollar, the South African currency is poised for an eighth day of losses – the longest streak in two years.<\/p>\n
Mining production data released Thursday added to the rand-specific risk-off sentiment after it showed an eighth consecutive drop in June.<\/p>\n
Investors are also fretting about higher taxes to pay for a planned national health service, and lack of progress in\u00a0rescuing\u00a0Eskom Holdings SOC Ltd., the ailing state-owned electricity company.<\/p>\n
“The amount of risk the rand is carrying at the moment, people may not be willing to carry it over the extended weekend,” said Simon Harvey, a London-based FX analyst at Monex Europe Ltd. South African markets will be closed for a national holiday on Friday.<\/p>\n
The rand was down 0.4% to 15.1121 per dollar by 12:05 p.m. in Johannesburg, its weakest level on a closing basis since Sept. 2018.<\/p>\n
The rand is also the most volatile currency in the world, with the one-week implied volatility climbing a fourth day.<\/p>\n