[CURRENCY] At 11:30, the rand traded at R17.21 against the US dollar, ahead of a meeting by the executive committee of the country’s governing party to decide the fate of President CyrilRamaphosa. Moneyweb Currency
The rand strengthened in early trade on Monday, ahead of a meeting by the executive committee of the country’s governing party to decide the fate of President Cyril Ramaphosa. South Africa’s governing African National Congress party will convene a meeting of its National Executive Committee to discuss a panel report that found evidence Ramaphosa may have committed misconduct and violated the oath of his office.
“We believe that the political landscape will probably remain turbulent in the final weeks of this year, weighing on investor sentiment towards South Africa and resulting in increased market volatility,” said analysts at Nedbank in a research note. Investors also await the S&P Global South Africa PMI survey for November, due later in the day, for clues on the health of the economy. Meanwhile, the dollar index was trading 0.23% lower at 104.
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