The rand has reclaimed its position as the best performing emerging-market currency this year after being knocked off the top spot during last month’s bout of volatility. A burgeoning trade balance and ample dollar liquidity are fuelling the rebound and prompting traders to take bearish bets off the table, bringing its year-to-date to gain to around 4.2%. Since falling to a five-month low on August 19 amid speculation the Federal Reserve may start scaling stimulus sooner than expected, the South African currency has advanced 8% against the dollar, double the gain of Brazil’s real. “At our morning briefing, the local unit was described as a rattlesnake and bulletproof,” Nema Ramkhelawan-Bhan
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