The rand’s Ramaphosa rally picked up pace in Asian trade in the early hours of Friday, with the currency comfortably under R11.60 to the dollar as SA woke up.The rand was trading at R11.57/$ at 7am, 3.5% stronger than the R12.01/$ where it was on Monday before the events that led to Cyril Ramaphosa replacing Jacob Zuma as SA’s president unfolded. Friday morning’s level was 20.5% stronger than the R14.58/$ it was trading at in November when the Ramaphosa rally began.The rand was at R14.52 to the euro and R16.37 to the pound.The yield on the benchmark R186 10-year South African government bond fell 20.5 basis points to 8.18% following Ramaphosa’s swearing in as president — meaning investors are seeing SA as less risky than Mexico for the first time in history, Bloomberg reported."SA has always been the underdog that you would definitely avoid, and Mexico was a darling of emerging-market investors for more than two decades. And now the preconceived argument in these two countries has c...
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