South Africa’s rand held its ground against the U.S. dollar on Wednesday even as uncertainty swirled around President Jacob Zuma’s future, hours after his ruling ANC party said it had recalled him from his post.
Zuma, dogged by allegations of corruption since coming to power in 2009, is under pressure to step down ahead of 2019 national elections which will likely see his deputy Cyril Ramaphosa, a former businessman preferred by investors, become the country’s new president.
The rand, which has strengthened significantly since the African National Congress elected Ramaphosa to succeed Zuma as party leader in December, has traded nervously as Zuma resists calls to reliquish his post, saying he has done no wrong.
The rand was trading at 11.93 versus the greenback at 07:30 am, more or less where it was in late Johannesburg trade on Tuesday.
– African News Agency (ANA)