The rand was weaker at midday on Wednesday along with other currencies as investors awaited Opec’s decision on an output cut. The oil cartel is currently meeting in Vienna to hammer out an agreement on cutting production to boost oil prices, which have already spiked in anticipation of a cut. The oil price crossed the $50 a barrel mark at 11:30am. Rand Merchant Bank analyst Celeste Fauconnier said that crossing the $50 mark did not bode well for the rand. The local currency is under pressure from the Opec meeting and the aftermath of the failed attempt to remove President Jacob Zuma from office. The ANC national executive committee (NEC) announced on Tuesday that Zuma would continue as president. A number of national executive committee members had expressed their dissatisfaction with his leadership at the meeting. ANC secretary-general Gwede Mantashe has given assurances that there will be no reprisals for those who called for Zuma’s removal, but insiders have said there was no agr...
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