The rand slipped to R12.76/$ on Tuesday morning from the R12.53/$ it reached on the initial euphoria of Cyril Ramaphosa’s narrow victory as new ANC president on Monday.Ramaphosa got just 179 more votes than his rival Nkosazana Dlamini-Zuma."Markets got this one wrong — and were pricing in a Cyril slate victory, rather than a hung national executive committee [NEC]. Hence, we expect the rand and the domestic-facing stocks to weaken [on Tuesday] after their recent rally. Some of the euphoria will be re-priced out of the market and it will retrace some of its steps as the reality sinks in," BayHill Capital MD Geoff Blount said in a note e-mailed on Monday night.Barclays Research revised its forecast for the rand to end 2017 at R13/$, saying its previous forecasts were "predicated on a significantly worse political outcome"."However, we do not project further meaningful rand gains from spot levels throughout our forecast horizon. We remain cautious about Mr Ramaphosa’s ability to delive...

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