It’s been a good few months for emerging-market currencies, and none more so the rand. South Africa’s currency has had its best three-month run in almost 10 years as it rides a wave of optimism following Deputy President Cyril Ramaphosa’s election as the leader of the ruling African National Congress. The 19 percent gain in the period ended Jan. 31 is more than double that of the next-best emerging-market currency, Poland’s zloty.
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