The rand had rallied on Monday afternoon following speculation Zuma had finally caved under pressure and decided to resign.
The South African currency has been volatile in the last week, amidst uncertainty surrounding the country’s leadership
Finally, some good economic news!
Money is flooding emerging markets only because inverstors are desperate to turn a buck and commodites are hinting at a comeback.
Foreign investors pulled R12.8-billion in one week, the biggest outflow since 2008, casting a harsh light on policy direction and the trade deficit.
The currency’s 10% drop against the dollar this year is unlikely to cause inflation to spike.
According to the department of energy "there is no need to panic at this stage" as petrol is still cheaper than a year ago.
Africa’s biggest mobile company said earnings per share jumped 25%, buoyed up by a foreign exchange gain from the weaker rand.
The rand was slightly firmer on Monday morning after a mixed US employment report on Friday spurred intense price action.
The rand has bounced back from a five-year low on expectations that the Reserve Bank will raise the repo rate as inflation grows.
The start of talks between representatives of the union, Amplats, Implats and Lonmin and the weaker rand have futher undermined investor confidence.
South African bonds have been pulled down by the depreciating rand.
South Africa’s debt will make up 48% of the gross domestic product in the medium term, a pace which one economist describes as "frightening".
Pravin Gordhan says South African authorities don’t have the resources to influence the rand, which has slid 16% since the beginning of the year.
The rand has depreciated for the third day as investors await guidance from the US Federal Reserve on monetary stimulus.
