Rand tumbles most among peers as Zuma seeks to dodge exit calls

Rand tumbles most among peers as Zuma seeks to dodge exit calls

Rand tumbles most among peers as Zuma seeks to dodge exit calls

"South Africans deserve a capable President who will act in their best interest at all times‚ not someone who abuses their power and steals from the people".

At 3pm‚ the rand was at R12.4743 to the dollar from R12.3403‚ at R14.9652 to the euro from R14.7315 and at R16.8694 to the pound from R16.7083.

Here's what happened: Shortly before 6:00 am NY time, false reports suggested South African President Jacob Zuma had unexpectedly resigned.

"The market has increasingly priced in the fact that Zuma will step down before the 2019 election", said Christopher Shiells, managing analyst for emerging markets at Informa Global Markets.

She said that if Ramaphosa was truly serious about rooting out corruption‚ Zuma would no longer be the president of South Africa.

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Deputy President Cyril Ramaphosa will lead the South African delegation to the 48th World Economic Forum annual meeting that will take place on 23-26 January in Davos-Klosters, Switzerland.

"We believe that the rand's rally is looking overstretched given that South Africa's idiosyncratic risks did not end with Ramaphosa's victory".

It came after a high court ruling in December gave him 30 days to abide by the recommendations of the anti-corruption watchdog to appoint the commission of inquiry, and to let Chief Justice Mogoeng Mogoeng choose the judge who will head it as Mr Zuma is "conflicted" in the matter.

The local currency had firmed 13c on Tuesday following a report that Zuma was out.

Steinhoff fell 13.02 percent to 7.55 rand after the European Central Bank said on Monday it had sold its bonds of the scandal-hit company, potentially suffering a loss of up to 55 percent on that investment.

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