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The rand weakened up to 1% on Tuesday as investors took profits after a rally to three-year highs following Cyril Ramaphosa's cabinet reshuffle. Attention also shifted to Jerome Powell's first congressional testimony as Fed chair.
Analysts said the rand was overstretched and was trading in a narrow range of 11.50 to 11.75 per dollar.
A weaker rand modestly raises the local cost of imported feed inputs such as soybean meal and corn for South African feed millers. The move is routine currency trading with little direct effect on grain prices.
moneyweb.co.zaMfuneko Toyana, ReutersFeb 27, 2018Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
