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South Africa’s rand slid 1 per cent in early European trading as a cut to the country’s credit rating by S&P weighed on the currency.

The rand was trading at 13.8261 to the dollar after closing down 2 per cent on Monday as S&P cut its rating on South Africa to double B plus from triple B minus, or junk, citing increasing political risks.

The currency has now fallen 5.9 per cent since South African President Jacob Zuma fired his finance minister on Thursday.

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