The rand was relatively well anchored on Thursday morning, hitting R13.20/$ for the first time in three weeks and marking a sharp U-turn from last week when it flirted with R14/$. The local currency benefited from a weaker dollar, which has been under pressure relative to most currencies, including the euro and the British pound. The uncertainty about the pace of interest-rate increases in the US continues to weigh on the dollar index, which has slipped below the psychological level of 100 points. A stronger rand helps to rein in inflation, which eased to an annual rate of 6.1% in March from 6.3% in February, according to latest Statistics SA data. "We still foresee the downward trend in consumer inflation despite the rand exchange rate’s notable depreciation following the late-night Cabinet reshuffle and subsequent sovereign credit ratings downgrades," NKC Research analysts said. Just more than three weeks ago, President Jacob Zuma fired Pravin Gordhan as finance minister in a cont...
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