Rand faces a tough day as Ramaphosa’s future remains unclear
The currency had its biggest one-day drop since February 2021 against the dollar on Thursday
02 December 2022 - 07:26
The rand is in for a tough day as the future of President Cyril Ramaphosa remains unclear after the release of an independent panel’s report found he may have violated the constitution.
The panel, which investigated forex stolen from Ramaphosa’s Phala Phala game farm in December 2020, and media reports that the president is thinking about resigning led to the rand plunging more than 3% against the dollar in intraday trade — the biggest one-day drop since February 2021 — and by more than 4% against the euro and sterling...
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