The rand was little changed on Wednesday morning, a day after the Reserve Bank’s monetary policy committee kept the repurchase rate on hold. Despite this, the Bank raised its inflation expectation for 2017 to 6.2% from 5.8%, with inflation expected to return to the Bank’s 3%-6% target band in the fourth quarter. The Bank also revised down its growth outlook for 2017 to 1.1% from 1.2% previously. Nedbank Corporate and Investment Banking (CIB) analysts said the rand performed well against the dollar on Tuesday as it breached the "technically significant level" of R13.40, although it lost some ground in the afternoon and had a quiet overnight session. The dollar remained firm despite uncertainty regarding US President Donald Trump’s policies and their implications. Trump has signed a number of controversial executive orders this week and is expected to continue doing so. Trump has vowed to follow through on his election promise to build wall on the Mexican border. At 8.30pm the rand wa...
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