Rand muted ahead of the medium-term budget

The rand was little changed on Thursday morning, having lost more than 2% in the previous session — its biggest one-day fall in almost 10 months — as inflation fears weighed on emerging-market currencies. 

China and US both recorded worst-than-expected inflation data on Wednesday, fuelling the fear that the two superpowers would increase interest rates earlier than expected — a move that will make their currencies and investments in their assets relatively more attractive than those of emerging markets…