The rand was relatively calmer on Wednesday morning, a day after President Jacob Zuma shook up his executive, in a surprise move that unsettled the markets.The rand lost ground in the immediate aftermath of yet another Cabinet reshuffle, which revived concern about local political risks. In March, Zuma fired Pravin Gordhan as finance minister under controversial circumstances. The move at the time knocked business and investor sentiment, leading to the downward revision in economic growth forecasts.The latest Cabinet changes come just days before Finance Minister Malusi Gigaba is due to table the medium-term budget policy statement, which some were hoping could help restore business confidence.The rand was little changed in early trade at R13.40/$, suggesting that markets adopted a wait-and-see attitude as the political developments played out."The Cabinet reshuffle helped spur our long-expected rand correction. Some rand premium relative to other risk currencies still exists but we...
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