MARKET WRAP: Rand off its best levels but expected to firm in early 2023

The rand largely held onto Monday’s gains but was off its intraday best levels due to volatility in the dollar in thin trade.

The rand gained more than 2% on Monday on news that President Cyril Ramaphosa had emerged victorious in the race to lead the ANC for a second term. On Tuesday it touched an intraday best level of R17.2406/$ and at 5.27pm was trading 0.38% firmer at R17.2934/$. It had gained 0.31% to R21.0172/£, while easing 0.18% to R18.4026/€…