The South African rand rallied yesterday as polls in the UK suggested that staying the EU was a more likely outcome and convinced some investors to buy developing nations assets. The rand enjoyed its largest strengthening in more than two weeks as it gained 2.2% against the US dollar. However, all is not dandy as the South African economy is forecast to grow at the slowest rate since 2009 – if the UK votes to leave the EU, we could see these recent positive moves undone.
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