The rand was weaker against major global currencies shortly before midday on Tuesday, as the dollar found some momentum, while the market continued to cautiously watch local political developments.Analysts said there were no specific triggers behind the greenback’s recovery, warning there could be some volatility in the markets when US market open later on Tuesday.US and Chinese equity markets were closed on Monday.Despite a weakening trend for the rand, nothing suggested any move higher than the R11.70/$ level, Rand Merchant Bank currency strategist John Cairns said.Locally, there is speculation that acting president Cyril Ramaphosa will reshuffle the Cabinet soon, although reports have suggested this is likely to take place after the tabling of the budget on Wednesday.Ramaphosa has indicated that he would not rush a reshuffle, with some expectation that he would first consult widely within the ANC and with the party’s strategic partners‚ as he sought to stamp his authority in his ...
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