The rand was slightly firmer against global majors on Tuesday just before midday as calm returned to markets on eased tension between the US and North Korea. At 11.30am, the rand was at R13.2933 to dollar from R13.3273, at R15.6330 to the euro from R15.7017 and at R17.1675 to the pound from R17.2766. The euro was at $1.1758 from $1.1783. The High Court in Pretoria earlier ruled against Public Protector Busisiwe Mkhwebane’s remedial action to have the Reserve Bank change its constitutional mandate. In June, the rand weakened more than 2% against the dollar after Mkhwebane suggested that the Bank change its mandate from protecting the value of the rand to protecting South Africans’ "socioeconomic wellbeing". She later retracted her comments, but the Bank did not withdraw its application with the high court. Later on Tuesday, ratings agency Moody’s was expected to release its economic update on SA. Rand Merchant Bank analyst Isaah Mhlanga said the agency was expected to revise its econ...
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