The rand gained ground on Tuesday, spurred by a globally hobbled dollar and a decision by South Africa’s top court to consider whether a motion of no confidence against President Jacob Zuma should be taken by secret ballot.
Pressure has mounted on Zuma to resign after a controversial cabinet reshuffle triggered ratings downgrades. Opposition parties said the motion would be more likely to succeed if held by secret ballot.
At 5pm, the rand was bid at R13.8784 to the dollar, 3.57c firmer than at the same time on Monday.
In late trade, the rand was 1.1 percent higher at R13.8025 to the dollar.
“Any political headline is going to be driving short-term moves in the currency,” said BNP Paribas Cadiz Securities economist, Jeffrey Schultz.
Author: Staff Writer