Rand reaches 32-month best on Friday morning
Bets that President Jacob Zuma will not survive this weekend’s ANC new national executive committee (NEC) meeting sent the rand under R12.07/$ in Asia.
The rand was last under R12.07 to the dollar 32 months ago in April 2015.
Headlines on Friday morning such as Eyewitness News’ "Zuma recall won’t be on NEC meeting agenda this weekend" caused the rand to slip back to R12.10/$ by 6.55am.
The rand was at R14.84 to the euro and R16.84 to the pound.
The persistent hope that new ANC president Cyril Ramaphosa will oust Zuma has seen the rand strengthen 2.7% from about R12.40 to the dollar on Monday to Friday morning’s R12.07/$.
Asian stock exchanges were buoyed on Friday morning by the US House of Representatives passing a short-term spending bill.
But the threat of a US "government shutdown" has not been averted as the bill still needs to be passed by the Senate where opposition party members are likely to stand firmly against President Donald Trump’s attempt to get $20bn funding for his proposed Mexican border wall.
Tokyo’s Topix index rose 0.55% and the Shanghai composite index rose 0.36% on Friday morning, shrugging of the US where jitters over Congress’s budget impasse saw the S&P 500 close 0.16% lower on Thursday.