The rand weakened against major global currencies on Wednesday afternoon, after a report by Reuters said that the ANC national executive committee (NEC) would not be discussing the removal of South African President Jacob Zuma as head of state at its meeting today."That matter was not [up] for any discussion or debate," newly elected ANC secretary-general Ace Magashule told reporters in response to a question about whether Zuma’s future was raised.Recent events had indicated that the market had not entirely priced in Zuma’s exit, which was expected after reports last week that he would be recalled if he did not voluntarily resign before today’s meeting.There could be a less high-profile meeting of the NEC next week where a more serious discussion about Zuma leaving would be held, a senior party member said.The rand could gain up to 50c against the dollar shortly after such an event, said Standard Bank analyst Warrick Butler.The local currency had firmed 13c on Tuesday following a re...
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