Rand firms on rumours of Zuma’s possible ouster
The rand was firmer on Tuesday afternoon on reports that the national executive committee (NEC) of the ANC is set to discuss options of removing President Jacob Zuma. Bloomberg reported that the ANC’s NEC would discuss the motion of no confidence in Zuma, which had been filed by opposition parties in Parliament, at a meeting being held over the weekend. The rand gained more than 0.86% in afternoon trade against global major currencies. Rand Merchant Bank analyst Jim Bryson said the strength in the rand was attributed to reports surfacing of Zuma’s removal. “It is headline driven.” At 3.30pm, the rand was at R13.1162 to the dollar from Monday’s R13.2295, at R14.7375 to the euro from R14.8650, and at R17.0388 to the pound from R17.1943. The euro was at $1.1238 from $1.236.