The rand firmed on Wednesday morning, in the face of persisting local political tension and global risk aversion. A march to the Union Buildings to call for President Jacob Zuma to step down is scheduled for today, the second such march in less than a week. On Tuesday the local currency firmed as the possibility of unseating Zuma in a secret vote in Parliament grew stronger. The Constitutional Court has allowed parties to file opposing papers in the UDM’s urgent application on the debate of the motion of no confidence against Zuma. Rand Merchant Bank analyst Isaah Mhlanga said the local currency had held up well despite a strong dollar, global risk aversion, the easing of foreign inflows and local political stresses. TreasuryOne dealer Phillip Pearce said in a world where there was a lot of "political chess being played", the rand was on the front foot, while US tension with Russia and North Korea also provided some assistance to the rand. At 8.58am on Wednesday the rand was at R13....
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