Saturday, 21 April, 2018

South Africa's rand retreats with fundamentals back in focus

South Africa's rand retreats with fundamentals back in focus President Uhuru Set to Make First Foreign Trip Since His Re-Election
Preston Stone | 13 January, 2018, 05:46

The failure by the ANC NEC and ANC president Cyril Ramaphosa to recall Jacob Zuma on Wednesday only proves that the ANC is incapable of changeā€š the Democratic Alliance says.

The currency slipped more than a percent, to R12.55 to the dollar by midday, before recovering slightly to R12.46 by 14h30.

ANC secretary-general Ace Magashule has dismissed claims that there are two centres of power within the organisation.

There has been widespread speculation that Zuma is being put under pressure to step down as president, giving Ramaphosa room to assume control and work towards the presidential bid for 2019.

The rand, for its part, eventually climbed back into positive territory and was up 0,3 percent to 12,3489 per dollar as of 8:47 am in NY. However, other insiders have revealed that the marginal victory and the divided NEC have made this hard.

Meet Tua Tagovailoa, the freshman behind Alabama's national championship win
They came together and brought it back step by step, though, taking over to win the game in overtime with a score of 26-23. The win gives the Crimson Tide their fifth title since the 2009 season and first since the 2015 season. "It is awesome.

The rand briefly extended losses against the US dollar.

A former trade unionist who was the ANC's key negotiator in the talks that lead to the end of apartheid, Ramaphosa went on to become a wealthy business tycoon, making him a favourite of both the party's left wing and the business community.

Zuma's surprise announcement on Tuesday, that he would establish a commission of inquiry into state capture, was understood to be a preemptive strike at those who wanted to use his lack of movement on the subject as grounds for his removal on Wednesday.

ABC News reported that the president in a statement has said that "on the eve of a high-level ruling party meeting where his fate is a certain topic of discussion, any further delay will make the public doubt the government's resolve to fight graft".

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