South African rand set to weaken towards R17 to the dollar

• The South African rand is expected to weaken towards R17 to the dollar due to seasonal woes and uncertainty about the central bank's policy stance.
• The rand has historically lost around 2% against the dollar in August since 1997, and the current uncertainty about the central bank's policy stance has added to its woes.
• The rand's weakening is expected to continue in the coming months due to the ongoing correction in global equity markets and the growing prospect of Fed rate hikes, which could erode its yield pickup over the dollar.