South African ZAR strengthens on Cyril Ramaphosa win

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The rand strengthened significantly in the lead up to the ANC elective conference with markets speculating that Cyril Ramaphosa stood a good chance to win the presidency.

This afternoon’s election announcement confirmed this. During today’s trade the rand strengthened by 2.5%, opening at ZAR13.07/USD and trading down to ZAR12.80/USD.

Heading into the announcement the rand briefly slipped below ZAR12.60/USD, touching on ZAR12.58/USD and then moving back to ZAR12.60/USD immediately following the announcement of David Mabuza as deputy president.

The move to appoint Cyril Ramaphosa as the new ANC president will serve not only to revitalise positive sentiment towards the governing party, but also towards the South African economy as a whole.

It is now up to Cyril Ramaphosa and his top six to drive pro-economic policy, and implement policy that will support equality.

 

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Bontle Moeng is the Founder and Managing Director of BizNis Africa. Moeng has spent 15 years working in the digital and online media industry across Africa. She applied her trade at True Love magazine prior to discovering her passion for Investment news in key sectors across Africa. Moeng previously worked for ITWeb, Starfish Mobile Technologies, ITNewsAfrica, AVATAR Agency, eNitiate, Global Interface Consulting and Havas Johannesburg. Her primary focus is to provide solid and valuable content on investment opportunities for the ICT, Energy and Mining sectors across Africa. In addition, the online news publication assists global companies to expand their presence in Africa. Email: news@biznisafrica.co.za

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