The rand stabilised on Wednesday morning, a day after staging a powerful rally against major currencies, notably the dollar. A confluence of factors, ranging from a broad improvement in sentiment towards emerging markets to the gradual rise in commodity prices, have benefited the rand, which is hovering at its best levels to the greenback in more than a year. The local currency has also been relatively resilient to the dollar, which has found broad support after Federal Reserve chair Janet Yellen struck a hawkish in her address to the congress on Tuesday.
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