​The rand hits R11.81 as Zuma remains defiant on stepping down

The rand has experienced some dips and gains in the last few days as the country's future remains uncertain.

The rand has experienced some dips and gains in the last few days as the country's future remains uncertain.

The rand strengthened from R11.84 to R11.81 against the US dollar at 15:16 on Wednesday, as President Jacob Zuma said in an interview the African National Congress had not given him proper reasons why he should resign.

“People are hoping for a prosperous South Africa under Ramaphosa, however if Zuma stays in power then we will see a negative reaction but the sense is that Ramaphosa will kick in the process of fixing the economy,” chief economist at Econometrix Azar Jaimaine told the Mail & Guardian in response to why the rand has remained stronger in recent days.

President Zuma broke his silence after a week long negotiation process on his future as president of the country insisting that he had not defied the ANC but only disagreed with its decision to recall him.

On Monday, the Mail & Guardian reported that the ZAR traded a R11.90 amidst uncertainty of President’s Zuma’s recall.

READ MORE: The rand is on the up and up amid expectation of Zuma recall

Following President Zuma’s refusal to set down, the African National Congress parliamentary caucus on Wednesday told the media during a press briefing that the caucus had resolved to table a motion of no confidence against President Jacob Zuma on Thursday. 

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​Thulebona Mhlanga

​Thulebona Mhlanga

Thulebona Mhlanga is financial trainee journalist  at the Mail & Guardian, currently enrolled for a masters in politics at the University of Johannesburg. In addition to her fervent interest in business writing, reading and educating others around issues of financial literacy, she volunteers her time to projects assisting women and promoting social justice.  Read more from ​Thulebona Mhlanga

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