After strengthening in Asian trade, the rand returned to near Friday’s levels on Monday after it appeared that ANC president Jacob Zuma remained secure in his position. The ANC’s national executive committee (NEC) met at the weekend where a motion of no confidence in the president was debated. The ANC is set to hold a press briefing at 2pm on Monday to announce the result of that meeting. According to weekend reports, the president’s backers managed to fend off calls for his removal, but this has not yet been confirmed by the party. At 9.25am the rand was at R12.9248 to the dollar from Sunday’s R12.6635. The rand was at R14.4405 to the euro from R14.1542 and at R16.5775 to the pound from R16.2242. The euro was at $1.1175 from $1.1172. The rand faces some risk this week as S&P Global Ratings is set to release its latest review of the country’s sovereign credit rating this Friday. There is also the possibility that Moody’s will make a pronouncement on the country’s rating. The Reserve...
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