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Rand gains slightly as delegates vote for new ANC leadership

The local currency was already up by 3% at the close of trading on Friday.

Picture: Supplied

JOHANNESBURG - The rand has strengthened by 0.5%.

The local currency was already up by 3% at the close of trading on Friday.

It’s been hovering around the R13.07 mark to the US dollar, a level last seen in September.

The market is pricing in a Cyril Ramaphosa win as the next ANC leader as he’s seen as a more investor-friendly candidate.

Analysts also expect a Ramaposa win to prompt a rally in the rand to levels below R13 to the dollar.

They predict that a Nkosazana Dlamini Zuma win could see the currency touch levels of R14.57 to the greenback.