The rand was hovering at R13/$ on Wednesday morning after Tuesday’s sharp slide from R12.81/$ at about 9am to R13.04/$ at 7.15pm. The rand’s 1.16% depreciation on Tuesday was attributed to a number of disturbing South African news events: Reserve Bank governor Lesetja Kganyago had to file court papers to defend the central bank’s independence from Public Protector Busisiwe Mkhwebane’s order that Parliament should amend the Constitution; Deputy Finance Minister Sfiso Buthelezi echoed Mkhwebane’s attack on the central bank in a speech, and data showed SA lost 48,000 jobs in the first quarter of 2017. The rand also suffered from the dollar and euro strengthening. US Federal Reserve chair Janet Yellen said in a question-and-answer session in London that she believed there would not be another financial crisis in her lifetime. Yellen said this was largely thanks to reforms of the banking system since the 2008 global financial crisis, and urged people to be vocal in their defence of the r...
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