The rand was firmer at midday on Thursday, as the local currency continues to strengthen on positive sentiment following the resignation of Jacob Zuma as head of state.ANC president Cyril Ramaphosa is due to be sworn in as state president later on Thursday, which would open the way for him to deliver the state of the nation address on Friday.The rand gained more than 2.5% against the dollar on Wednesday in a firmer dollar environment, as Zuma announced his long-awaited departure.FXTM analyst Jameel Ahmad said Zuma’s resignation ended the persistent political risk element that has clouded SA for a long time."This should provide an opportunity for the rand to continue moving towards levels not seen since the days of the Federal Reserve signaling to the market that it was preparing to raise US interest rates," he said.At 11.30am the rand was at R11.6427 to the dollar from R11.717, at R14.5414 to the euro from R14.587 and at R16.357 to the pound from R16.4001.The euro was at $1.249 from...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.