Rand makes small recovery after Wednesday’s setback

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The rand was slightly stronger on Thursday morning following Wednesday’s setback when it registered the business community’s disappointment that rumours of President Jacob Zuma’s exit were false.

The rand was trading at R12.4242 to the dollar at 8.10am, 0.09% stronger than its R12.4346/$ closing price on Wednesday. The South African currency gained 0.07% to R14.8453 against the euro and 0.2% to R16.7706 against the pound. An intraday graph of the rand showed it strengthening about 1c at about 3am.

A Reuters report on Wednesday released at about noon that ANC secretary-general Ace Magashule said a discussion of Zuma’s future was not on the agenda of the new ANC leadership’s first meeting sent the rand tumbling 20c to R12.55/$ from the R12.34/$ it was trading at on Wednesday morning. – BusinessLive

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