The Rand enjoyed broad stability for most of last week and in fact gained on all of the G10 currencies leading up to the ANC elective conference over the weekend. The Ramaphosa result helped it kick on from Monday.
The rally was aided in part by a weaker US Dollar, although it advanced far further than other emerging market currencies. There has since been a bit of a pull back, but this bit of good news is something South Africans at home and abroad should enjoy.
This week started with the appointment of Cyril Ramaphosa as the new ANC president, positioning himself as the champion against corruption and state capture. By the time the Ramaphosa win was officially announced, the ZAR went into “sell the news” mode with USD-ZAR getting scooped off its March 12.54 level.
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