The rand cheered Cyril Ramaphosa pulling ahead in the race for ANC presidency on Monday by strengthening more than 2% to R13.49/$ from R13.81/$.Ramaphosa was in the lead on Monday with 1,862 branch nominations, ahead of Nkosazana Dlamini-Zuma who is backed by 1,309 branches.The rand was holding on to these gains on Tuesday morning, trading at R13.49/$, R16.01/€, and R18.18/£ at 6.45am.The rand has strengthened more then 5% from the R14.16/$ it sank to on November 16 after S&P Global Ratings downgraded SA’s foreign-currency bonds to its second rung of junk.Punters are showing faith that Ramaphosa can clean President Jacob Zuma’s Augean stables of corruption and incompetence. Statistics SA releases its third-quarter GDP data at 11.30am, which will give an indication of the health of the economy.The economists’ consensus is SA’s quarterly economic growth slowed to about 1.1% from 2.5% in the second quarter.This would put SA on track for lacklustre annual growth of about 0.6% for 2017, ...
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