The rand was stronger against the dollar in late-afternoon trade on Friday amid media reports that the ANC National Executive Committee (NEC) might have a majority to vote President Jacob Zuma out, at the NEC meeting at the weekend. The rand strengthened against the dollar despite the dollar firming against the euro on better-than-expected US GDP numbers for the first quarter. The rand normally firms on a weaker dollar. The Mail & Guardian reported that anti-Zuma supporters would push hard to convince him to step down. "There is no doubt that his grip on power [has] weakened over the past few months," the Mail & Guardian said in the article. However, analysts remain sceptical. Rand Merchant Bank (RMB) analyst John Cairns said there remained an outside hope that the NEC would vote to recall the President. "Never say never but we are sceptical that anything will happen," Cairns said. At 3.41pm the rand was at R12.8696 against the dollar from R12.9259. It reached a best intraday level ...
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