The rand was weaker on Wednesday morning after the recent rally paused. The rally saw the rand strengthen to R13.49/$ on Monday, closing 1.58% firmer against the dollar on the day. It has since settled around the R13.50 level. Rand Merchant Bank analyst John Cairns said that while most of the rand’s gains were due to the optimism that Deputy President Cyril Ramaphosa will win the ANC’s presidential race, there were other local positives and foreigners were returning as net buyers of local bonds after a week of aggressive selling. On the global front, attention will turn to US politics, where the markets await further progress on the US tax bill. At 10.03am the rand was at R13.5266 to the dollar from R13.4414, at R15.9974 to the euro from R15.8969 and at R18.1366 to the pound from R18.0701. The euro was unchanged at $1.1826.
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