Rand firmer as Zuma drops court bid to halt issuing of state-capture report
The rand was firmer on Wednesday morning after President Jacob Zuma’s withdrew his court action to stop the release of the public protector’s state-capture report. At 11.33am, the rand was at R13.4831 to the dollar from Tuesday’s R13.5939. It was at R14.9422 to the euro from R15.0326 and R16.5410 to the pound from R16.6435 The euro was at $1.1082 from $1.0959. TreasuryOne head of dealing Wichard Cilliers said: "With commodities, platinum and gold gaining momentum and oil falling weaker this should be rand positive for the day." But the political turmoil over state capture could have an impact on the movement of the rand. Cilliers said the US Federal Reserve open market committee would provide its monetary update on Wednesday night and that would drive global volatility after SA’s markets close.
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