The rand was marginally weaker against major global currencies shortly before noon on Wednesday, as markets were watching a meeting of the ANC for any signs of a possible removal of President Jacob Zuma.Recent events had indicated that the market had not entirely priced in Zuma’s exit, and 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 report that Zuma was out. Analysts said it was largely due to trading software confusing Zuma with the launch of a satellite — also called zuma.The rand was still treading water in the bigger picture, despite Tuesday’s shenanigans, Butler said.Analysts said local data releases were likely to be irrelevant compared with internal ANC politics.The local currency has held onto much of the gain that followed the election of Cyril Ramaphosa as ANC President in December, but many analysts expect steady depreciation in 2018 due to,...
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