The rand was stronger against the dollar on Wednesday afternoon, and some way off its weakest level of the day, as it recovered from its overnight plunge.The rand had been on a steady recovery recently, touching a two-month high of R13.07/$ early on Tuesday, before tumbling to R13.39.This followed a late-night televised address by President Cyril Ramaphosa, in which he confirmed that the ANC would seek to change the Constitution to allow for the expropriation of land without compensation."We think that the market reaction was overdone, but a poorly managed process will boost market volatility," Capital Economics analysts said.FXTM analyst Lukman Otunuga said the speech may have fuelled concerns of heightened political uncertainty in SA. "Consequently, it erodes sentiment toward the rand."The rand was also negatively affected by a stronger dollar in anticipation of the US Federal Reserve’s interest-rate decision in the evening. No change is expected, but Fed officials might provide f...
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