Rand surges on reports of the ANC wanting Zuma out
The rand is at best level in 30 months
Reports that pressure is mounting on President Jacob Zuma to step down helped the rand strengthen to levels last seen in mid-2015 on Thursday. At 11.46am, the rand was 0.9% stronger against the dollar at R12.25, after reaching a low of R12.23 earlier in the day. The "Ramaphosa rally" was given further impetus by a report in The Star which said Zuma had been given until Tuesday next week to step down as SA’s president. Several ANC national executive committee members told The Star that Zuma faced another motion of no confidence if he did not voluntarily vacate his position by next Wednesday. The rand has strengthened from about R13.50 to the dollar before the ANC’s elective conference began on December 16, during which Ramaphosa was named head of the ruling party. The local unit gained 0.8% against both the euro and the pound, to reach R14.74 to the euro and R16.58 to the pound.
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