Rand strengthens as Zuma responds to Nkandla ruling

The rand strengthened to R14.60 to the US dollar on Friday night on speculation that President Jacob Zuma would announce his resignation, following the Constitutional Court ruling that he flouted the Constitution.

The Treasury was ordered to determine how much he should pay for the upgrades at his Nkandla mansion. Zuma told the nation on Friday evening that he welcomed the judgment.

He said the judgment has strengthened the countries constitutional democracy – a groundbreaking judgment with the powers granted to the public protector.

TreasuryOne said Zuma’s quittal would be rand positive. The rand hit R17.99 in January following a slide in the currency exchange rate against the dollar following the axing of Finance Minister Nhlanhla Nene.

Fin24

More on the rand

Rand breaks through R15/$

How the rand’s value changed after each budget speech – from 2006 to 2016

What the South African rand should be worth

The weak rand’s impact on your ADSL ISP

Latest news

Partner Content

Show comments

Recommended

Share this article
Rand strengthens as Zuma responds to Nkandla ruling