‘Rand rally has reached its end’

CAPE TOWN – BMI research, a subsidiary of Fitch, yesterday said that the rand’s rally was nearing its end in the face of cooling market sentiment towards emerging market currencies and a gradual shift towards monetary easing in South Africa, and expected the SA Reserve Bank to embark on an even more gradual rate cutting cycle.
In an Africa Monitor research note, BMI said that the lion’s share of the rand’s appreciation was behind South Africa and after averaging R13.21 to the dollar in the year to-date, the group forecast the rand would average R13.03 against the greenback for the rest …read more