The rand was weaker shortly before midday on Monday after falling more than 2% overnight amid reports that the ANC’s national executive committee (NEC) did not recall President Jacob Zuma at its weekend meeting. Although it has not been officially confirmed the ANC is set to announce at a press conference at 2pm that Zuma will stay on as its president until the December national conference. The rand initially strengthened to R12.6598 to the dollar in Asian trade overnight on the expectation that Zuma may be recalled, despite reports on Friday stating that was unlikely to happen. "Markets did react rather strangely to the news as ... Asian markets saw the rand firm to the R12.65/$ level," said TreasuryOne dealer Gerard van der Westhuizen. He said the rand could test the psychologically important R13/$ level on the day and could even hit R13.10. At 11.42am the rand was at R12.9542 to the dollar from R12.6635. It was at R14.4857 to the euro from R14.1542 and at R16.6356 to the pound fr...
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