The rand was firmer against major currencies after the Constitutional Court ruled that the Speaker of the National Assembly has the constitutional power to prescribe that a vote of no confidence in President Jacob Zuma be conducted by way of a secret ballot. The UDM led the other opposition parties in approaching the court for a vote of no confidence in the president by using a secret ballot in April. UDM president Bantu Holomisa said the risk of MPs being victimised if they didn’t vote according to the party line was real. "The ball is now in Ms Baleka Mbete’s court, who is obliged to uphold her oath of office and prove that she’s not the ruling party today." The vote of no confidence was called by political parties after Zuma’s Cabinet reshuffle at the end of March‚ which not only shook the market but saw the country’s credit worthiness downgraded to junk by rating agencies. At 11.24am‚ the rand was at R13.0175 to the dollar from Wednesday's R13.0828. It was at R14.5467 to the eur...
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