JOHANNESBURG (Reuters) – South Africa’s rand fell 1 percent against the dollar on Thursday, the weakest performance in a basket of 25 emerging market currencies, after a local survey showed business confidence fell to a new 16-year low.

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COIN

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The rand touched a session trough of 13.5735 to the dollar, its softest in more than a week, according to Thomson Reuters data.

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Business confidence in Africa’s most advanced economy fell 4 index points in August, weighed down by subdued domestic economic performance and global financial market turmoil led by slowing growth in China.

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The greenback was back in focus ahead of the closely watched US nonfarm payrolls report due on Friday, which will give further clues on the timing of an interest rate hike.

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“While the market is pricing in a hike at the September meeting, rhetoric from several of the Federal open market committee members are that this is still very much data dependent, so we can expect a few more choppy sessions in the days ahead,” Standard Bank trader Inshaan Omar said.

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At 11.21am the rand was at R13.5147 to the dollar from a previous close of R13.4446.

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Against the euro the rand was at R15.1877 from a previous close of R15.0949. Against the pound‚ the rand was at R20.6445 from R20.5669.

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The euro was at $1.1238 from $1.1228 previously.

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