The rand showed its disappointment that the ANC’s national executive committee (NEC) had not in fact voted to oust President Jacob Zuma on Friday night by weakening to R12.15 against the dollar from R12.01 on Monday, but had recovered back to R12.07 by 6.30am on Tuesday morning. ANC secretary general Ace Magashule and his deputy, Jessie Duarte, told a news conference on Monday that reports that the NEC had agreed that Zuma should quit before the 2019 national elections were false. The rand was at R14.81 to the euro, a recovery from R15.01 on Monday following Magashule’s statement, and at R16.89 against the pound, a recovery from R16.99. Barclays issued an upbeat research note on the rand on Monday afternoon, saying it no longer expected Moody’s to downgrade SA’s sovereign rating to junk in March. "Within a month of being voted in as president of the ruling ANC, Cyril Ramaphosa has moved swiftly towards delivering on his promises to root out corruption from government, support the in...
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