FX Markets

Spec flows not responsible for rand decline


JOHANNESBURG – An interim report from the South African commission investigating the rand’s 40% drop in value last year suggested the slide was due to economic, political and confidence-related factors and not speculative manipulation, which is illegal in South Africa.

However, whether individual transactions could have been responsible for the currency’s slide is still under debate.

“To attribute the fall in the rand to a number of specific transactions would be difficult and perhaps

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