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Rand steady ahead of ANC NEC briefing

It’s currently trading at R11.94 to the US dollar, R16.54 to the euro and R14.71 against the pound.

Picture: Supplied

JOHANNESBURG - The local currency is holding steady against the US dollar ahead of the African National Congress (ANC) national executive committee (NEC) media briefing.

It’s currently trading at R11.94 to the US dollar, R16.54 to the euro and R14.71 against the pound.

The rand, which has tended to strengthen on signs President Jacob Zuma could stepdown before his term ends, is trading below R12 to the US dollar.

Should Zuma resign, the rand is expected to strengthen further from its current levels

In recent months, the local currency has benefited from the change of guard at the ANC, with sentiment driven by hopes that ANC president Cyril Ramaphosa will lead a stronger fight against corruption and revive the ailing economy.

The rand has also benefitted from the dollar’s recent weakness.

(Edited by Shimoney Regter)