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Fin24.com | Rand again falls under R15/$ as markets await GDP data

After starting the week on the back foot, the rand continued to fall in early trade on Tuesday. 

The local currency, which lost 1.5%against the dollar at the start of the week, fell below R15/$ in early trade. 

At 10:15, it was changing hands at R15.06 to the greenback, down 1.3% on the day. It has fallen by over 2.5% against the dollar this week alone. 

Bianca Botes of Peregrine Treasury Solutions said the rand was still being battered by emerging market weakness.

"As contagion fear spreads in emerging markets, hitting the Turkish lira and the Argentinian peso the hardest in overnight trade, the narrative remains unchanged," she said. 

Investors will be looking to the release of real gross domestic product data at 11:30 by Stats SA. If growth is negative, SA will have officially entered a technical recession, after GDP contracted by 2.2% in the first quarter of the year. 

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