The rand was little changed on Wednesday morning, taking a breather after a surprise rally over the past two days.The local currency had advanced appreciably against the dollar and other currencies, catching many off guard, considering S&P Global Ratings downgraded SA’s rand-denominated debt to junk.The rand plays a key part in the outlook for inflation, which the Reserve Bank closely monitors to decide on interest rates.The battle for the leadership of the ruling ANC has emerged as one of the key factors driving the outsized gains in the rand.Deputy President Cyril Ramaphosa and ANC MP Nkosazana Dlamini-Zuma are tipped to be frontrunners to succeed President Jacob Zuma as party leader during the elective conference in December.A Ramphosa victory is seen as paving the way for the economic reforms that could boost business confidence, and so the rand gained over the past two days in line with perceptions that he is slightly ahead of Dlamini-Zuma."The gains imply that the rand is now ...
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