The rand gained almost 2% in the week after strengthening nearly 2.5% last week as global emerging-market currencies ride the crest of a wave. A weaker dollar, positive emerging-market sentiment and a higher gold price are all driving the rand. The big question, said Old Mutual economist Rian Le Roux, was whether the rand was stabilising, "or is the big hit still coming"? The local currency fell 9% against the dollar following President Jacob Zuma’s Cabinet reshuffle at the end of March, in which finance minister Pravin Gordhan was replaced by Malusi Gigaba. S&P Global Ratings and Fitch subsequently downgraded SA’s sovereign credit rating to junk. The JSE closed weaker on Friday in the shortened trading week following the Easter weekend with broad-based losses recorded. The bourse ended the week 2.46% lower, which marked its steepest weekly decline since December. The all share closed 0.58% lower at 52,194.60 points and the blue-chip top 40 dropped 0.51%. Platinums ended the day 2.1...
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