South Africa’s rand plunged to a record against the dollar on Tuesday, increasing pressure on the central bank to raise borrowing costs at a policy meeting next week. The currency weakened as much as 0.6 percent to 14.3827 per dollar, before erasing the decline to gain 0.1 percent to 14.2835 by 5.25pm in Johannesburg, paring its slump this year to 19 percent.
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