The rand fared slightly better on Monday morning, though it still stayed above the psychological R13/$ handle, suggesting that markets were cautious in the lead-up to key central banks meetings later in the week. First-up will be the US Federal Reserve, which is widely expected to raise interest rates for the second time in 2018 during its scheduled meeting on Wednesday. Markets will be looking for guidance on its future moves. The rand is susceptible to shift in US monetary policy, which tends to affect interest-rate differentials and currency markets. Though better on the day, the rand was a lot weaker compared with its figure in late February, when the currency rode the wave of optimism generated by President Cyril Ramaphosa, who has committed to attract at least $100bn worth of investment in the next five years.
But global events recently have taken the shine off the so-called Ramaphoria, as exemplified by bond and equity outflows. Foreigners were net sellers of local bond...
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