The rand retained its firmer bias shortly before midday on Friday, despite a week of local headlines that added weight to negative sentiment. Analysts expect the rand to trade steadily firmer, but remain range bound due to a lack of local or international economic data releases. "Global issues suggest sideways trade. The pressures from a strengthening dollar faded on Wednesday, those from the falling oil price on Thursday — and it would have to take a real shock from today’s second-tier data to generate a meaningful global-market reaction," Rand Merchant Bank currency strategist John Cairns said in a note. The rand suffered a setback earlier on Monday after Public Protector Busisiwe Mkhwebane recommended that the Reserve Bank’s mandate be changed. This, however, prompted protest from various quarters, including Parliament, that Mkhwebane had over-reached. Parliament said on Thursday that it would legally oppose her finding that the Constitution should be changed in order to remove t...
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