The rand was relatively stable on Monday morning, catching its breath after a very strong run over the past week.Favourable sentiment towards emerging markets, coupled with the Supreme Court of Appeal judgment against President Jacob Zuma, boosted the fortunes of the rand, which logged its best weekly gain to the dollar since March.Foreigners were net buyers of local bonds and shares this past week, according to the JSE data, providing evidence of underlying support for the rand which outperformed its emerging-market peers.Foreigners bought just more than R3bn worth of local shares and R497m local bonds, respectively."Rand gains are significantly overdone. We already thought Thursday’s appreciation was exaggerated, only for this to double-up on Friday," Rand Merchant Bank currency strategist John Cairns said.This week markets are likely to take direction from the dollar, which has recently been shaky amid uncertainty over the US interest rate trajectory in 2018.Local inflation and r...
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