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Rand set for biggest weekly slump since August

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Johannesburg - The  rand extended losses to a third day and headed for the biggest weekly slump since August on concerns that Donald Trump will pursue policies that will spur capital outflows from developing economies and weaken their exports.

The rand fell as much as 2.5% before trading 1.1% weaker at R14.2798 to the dollar by 14:34 in Johannesburg. The weekly decline of 5.2% is the most since the five days ended August 26, when local markets were roiled by concerns that Finance Minister Pravin Gordhan would be arrested.

The most the rand had lost before that was in December, when President Jacob Zuma fired then-Finance Minister Nhlanhla Nene.

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ZAR/USD
17.67
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