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Rand pauses rally, weakens 0.25%

The currency has surged since Cyril Ramaphosa won the race to succeed Jacob Zuma as ANC leader last month, putting him in pole position to become the country’s next president.

Picture: Supplied

JOHANNESBURG - The rand was slightly weaker in early deals on Thursday, pausing a rally that lifted the local unit to its strongest level since mid-2015.

At 0626 GMT, the rand traded at R11.8800 versus the dollar, 0.25% weaker from its overnight close in New York.

The currency has surged since Cyril Ramaphosa won the race to succeed Jacob Zuma as African National Congress leader last month, putting him in pole position to become the country’s next president.

“This morning so far a relatively quiet session, range 11.85-11.8950. The market could be getting ahead of itself and would look for some local importer interest this morning,” Nedbank said in a note.

Government bonds were flat, and the yield for the benchmark instrument due in 2026 at 8.340%.

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