Rand flirts with R11.50/$ as markets await possible Cabinet reshuffle

Rand gains on the election of a new South African president have run their course, say analysts, as markets await a possible Cabinet reshuffle this weekend. The rand, which opened at R11.62 to the dollar on Friday, strengthened to R11.56/$ during the course of the morning. However, analysts attribute this to external factors or the weakening dollar rather than local politics.