The rand was weaker at midday on Tuesday as the market awaited the ANC media conference this afternoon at 2pm on the outcome of the party’s national executive committee meeting. Media reports indicate that the President Jacob Zuma survived the most recent attempt to oust him from office, this time from within his own party. The move has been seen as a sign that the ANC is losing confidence in Zuma’s ability to run the government. The rand is still holding on to some of the gains it made after rating agencies Fitch and Moody’s decided to leave the country’s credit rating unchanged. Wichard Cilliers, the head of dealing and a director at TreasuryOne, said Fitch and Moody’s decisions had given the local currency some "gusto". At 11.26am, the rand was at R13.9690 to the dollar from Monday’s R13.7216. It was at R14.7839 to the euro from R14.5640 and R17.3659 to the pound from R17.0391 The euro was at $1.0584 from $1.0614.
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