MARKET WRAP: Rand firms slightly but mood remains anxious

The rand gained the most in two weeks on Tuesday, but remains near the R18 against the dollar as volatility and uncertainty in the financial markets persist.

The local currency, which gained more than 1% in intraday trade as the bullish dollar paused for breath, was 0.25% firmer at R18.0299/$ at 6.50pm. Still, analysts warn that the spectre of a deeper global economic slowdown, perhaps even recession, will keep investors on edge…