The rand was steady on Thursday morning, drifting away from firmer levels seen earlier in the week, after Deputy President Cyril Ramaphosa’s electoral victory as the ANC’s president. The rand strengthened to the R12.57/$ level on Monday evening but lost the gains overnight on Wednesday after the ANC passed a resolution at its elective conference that it would try to change the Constitution to allow the expropriation of land without compensation.

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