Rand weakens, as market eyes Zuma and ANC leadership meeting
The currency weakened to fresh one-year lows in early trade, but came off its worst levels
The rand was weaker against the dollar on Monday morning, but off its worst level, as investors waited for additional details of President Jacob Zuma’s plans to fund free higher education. Reports at the weekend raised the prospect that Zuma would exert control over the budget process to find R40bn to fund a plan for free education. The ANC is also expected to announce on Monday the outcome of its national executive committee meeting at the weekend. "We put a low probability on an explosive announcement, and an equally low probability that either issue will be clarified," said Rand Merchant Bank currency strategist John Cairns. As such, the uncertainty would continue, he said. The rand reached an intraday low last Monday of R14.4392/$, a level not seen since November 2016. It also reached a one-year low on Friday, after a host of risk factors emerged, extending losses slightly at the weekend. At 9.31am, the rand was R14.3512 to the dollar from R14.3603, at R16.7184 to the euro from...
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