The rand lost a bit of momentum on Friday afternoon, as the dollar regained some lost ground against a basket of currencies following a bruising week. However, the local currency was still poised to record back-to-back weekly gains after an eventful few days, which culminated in the swearing-in of Cyril Ramaphosa as the new head of state, replacing Jacob Zuma, who finally bowed to pressure to resign on Wednesday. The stronger rand helps keep a lid on inflation, which the Reserve Bank expects to average 4.9% in 2018. The stronger currency is also a result of international oil prices moderating after touching their best levels since 2014 at the beginning of the year. FXTM global head of currency strategy Jameel Ahmad said the rand’s advance against the G10 basket of currencies showed that it benefited from the positive sentiment towards the country, after scandal-tainted Zuma was forced out of office. Investec economist Annabel Bishop still sees further momentum in the rand if SA can ...
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