The rand dipped on Monday morning in an apparent consolidation, with markets waiting for new developments following Cyril Ramaphosa’s appointment as president.The closure of US and Chinese markets is expected to subdue trade somewhat, while investors are watching for a cabinet reshuffle by Ramaphosa. The key local event this week should be the tabling of the budget on Wednesday, which will be closely watched by global ratings agencies.Rand weakness on Monday was a symptom of the dollar’s recovering some momentum, with rand softness against other currencies also suggesting some profit taking, said FXTM global currency strategy head Jameel Ahmad.Investors were likely to wait for signs that macroeconomic conditions would improve before pricing in further gains, Ahmad said.At 11.30am, the rand was at R11.6572 to the dollar from R11.5999, at R14.4641 to the euro from R14.3878, and at R16.3268 to the pound from R16.2608.The euro was at $1.2408 from $1.2402.
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