The rand pared gains on Wednesday morning, after a surprise moderation in headline inflation, which, on the margin, helps take pressure off the South African Reserve Bank to raise interest rates.Economists had expected inflation to rise, citing the cumulative effects of the recent increases in fuel prices, as well as VAT."We think that inflation will pick up a bit from here, mostly due to higher petrol prices. But it will remain within target, which we think will encourage policy makers to leave their key rate at 6.5% over the remainder of this year," said John Ashbourne, senior emerging markets economist at Capital Economics.Reserve Bank deputy governor Kuben Naidoo told Bloomberg TV on Tuesday that a sustainably weaker rand could force its hand to raise interest rates. The rand has been particularly weak in recent weeks, contributing to rises in fuel prices, as well as higher local oil prices. This, in turn, contributed to expectations of high inflation.Inflation, which the Bank c...

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