Rand strengthens as another anti-Zuma march gains momentum
But Nedbank CIB analysts say the rand looks frail and that ‘a general dollar sell-off has given the rand a temporary reprieve’
The rand was firmer at midday on Wednesday, dipping briefly below R13.70/$, as a march to the Union Buildings by opposition parties attracted huge crowds, keeping calls alive for President Jacob Zuma to step down. This would be the second march in a week 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 United Democratic Movement’s UDM’s urgent application on the debate of the motion of no confidence against Zuma. The rand was also supported by a slightly weaker dollar. At 11.40pm the rand was at R13.71 to the dollar from a previous close of R13.8286. It hit R13.6991 in early morning trade. The rand was at R14.5483 against the euro from R14.6664 and at R17.1397 against the pound from R17.271. The euro was at $1.061 from $1.0606. Some analysts were pessimistic about the future prospects of the local currency after being sold off heavily following President Jacob Zuma’s Cabinet...
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