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While domestic catalysts including weak gross domestic product (GDP), a rate cut and a widening current account deficit have contributed to a softening in the rand this year, the deprecation also comes amid wider risk-off sentiment, which has seen emerging market asset classes mostly under pressure. External narratives contributing to the moves include diminishing carry trade opportunities as the US, European and British central banks adopt a more hawkish stance on monetary policy, and trade war tensions which continue to threaten the state of global economic growth.
The below graph illustrates the currency performances of the dollar against BRICS nations (Brazil, Russia, India, China and South Africa) for both the quarter and half-year ending 30 June 2018.