Rand continues to strengthen as seven parties unite against Zuma
The rand has consistently firmed during the week as more voices call for the president to step down; the rand gained 1.52% to the dollar in intra-day trade
The rand was firmer against the dollar on Wednesday afternoon, extending its gains as calls for President Jacob Zuma to step down intensified. The local currency gained 1.52% to the dollar in intra-day trade as participants from seven opposition parties united in a march at the Union Buildings in protest against the president. On Tuesday, the rand also gained when the Constitutional Court allowed parties to file opposing papers in the UDM’s urgent application on the debate of the motion of no confidence in Zuma. The local currency strengthened 1% to R13.7595 from the previous close of R13.9404. The local currency has been volatile after a Cabinet reshuffle that led to Pravin Gordhan being fired as the finance minister. This led to SA being downgraded to junk status by two ratings agencies which triggered intensified social protests. The rand plummeted more than 6% from a previous level of R12.79 to R13.6282 in opening trade of March 31 when the market woke up to news of the reshuffl...
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