The rand was range-bound against the dollar at midday on Wednesday ahead of the medium-term budget policy statement that Finance Minister Pravin Gordhan will deliver in Parliament later in the afternoon. CJS Securities analysts said the minister was expected to deliver a progressive message to address the concerns of rating agencies. "The rand remains at the mercy of the South African political landscape and the pessimists are waiting to see if Gordhan remains in his post after the speech or if he will be forced to quit due" to the fraud charges the National Prosecuting Authority (NPA) brought against him two weeks ago. Gordhan has dismissed the charges as politically motivated. At 11.43am, the rand was at R13.7650 to the dollar from Tuesday’s R13.7651. It was at R15.0340 to the euro from R14.9866 and R16.8028 to the pound from R16.7804. The euro was at $1.0922 from $1.0888. TreasuryOne dealer Andre Botha said the rand was expected to be choppy and swift moves were possible when Gor...
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