The rand cheered the stinging rebuke President Jacob Zuma received in court on Wednesday by strengthening from R13.72/$ to R13.43/$, and held under R13.50/$ on Thursday morning despite the US central bank raising interest rates.The rand was at R13.47/$, R15.94/€ and R18.10/£ at 6.30am.The rand’s "Ramaphosa rally" resumed as Zuma’s three legal defeats this week raised Cyril Ramaphosa’s chances of beating Nkosazana Dlamini-Zuma at the election for a new ANC president, at the party’s conference that starts on Friday.The rand held on to most of its gains in the face of the US Federal Reserve Bank raising the upper bound of its interest rate target range to 1.5% from 1.25% on Wednesday night as expected. Thursday is a busy day for central banks, with the Bank of England expected to hold its interest rate steady at 0.5% at 2pm and the European Central Bank to hold its at zero at 2:45pm. Other central banks scheduled to announce interest rate decisions on Thursday include Switzerland and t...
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