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Rand weakens after World Bank cuts growth forecast

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The rand retreated as soon as possible Thursday as soon as the World Bank cut its economic growth forecast and took a dim view of President Cyril Ramaphosa’s stimulus plan.

The rand was 0.29% weaker at 14.68 per dollar at 0650 GMT, having closed in Los angeles at 14.64.

The currency is required to trade between 14.45 and 14.85 towards the dollar on Thursday, NKC African Economics wrote in a very note.

The World Bank on Wednesday cut South Africa’s economic growth forecast for 2018 to 1% from an earlier forecast of a.4%.

Investors remain skittish within the rand after the announcement on September 21 on the stimulus programme that will experience a reallocation of your budget but does not require an injection of latest cash.

In fixed income, the yield on the benchmark government bond due in 2026 flat at 9.090%.

Stocks are due open weaker at 0700 GMT, while using the JSE securities exchange’s Top 40 Futures index down 1.26%.?

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