The South African rand dropped to its weakest level against the dollar in eight weeks after Bloomberg reported that one of the country’s largest fixed-income money managers would stop lending to six of the country’s largest state companies. The dollar was up 1%, buying 14.64 rand in recent trade, compared with 14.50 rand late Tuesday. The asset manager’s reported decision comes at a time when confidence in South Africa’s government is faltering. The country’s long-serving President Jacob Zuma is fighting a court’s ruling that he face nearly 800 charges of corruption.
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