The rand extended its gains against the dollar on Friday just before midday, after being steady in earlier sessions. The market’s tone is thought to be informed by nervousness, ahead of the ANC’s conference at the weekend. Traders and analysts are eager see who will lead the ANC, between its two main contenders, Deputy President Cyril Ramaphosa and ANC MP Nkosazana Dlamini-Zuma. The rand has maintained its firm trend since the beginning of the week, however, as the uncertainty around the conference and its outcomes linger, the currency is expected to trade cautiously. The Turkish lira was firmer, making some mild gains against the dollar after its central bank raised interest rates by 50 basis points to 12.75%, while market expectations were for a 100 basis point increase. The lira had weakened by 1.54% at Thursday’s close as the market reacted with disappointment to the policy announcement. At 11.30am‚ the rand was at R13.4461 to the dollar from R13.5104‚ at R15.8507 to the euro fr...
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