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.


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Rand strengthens as Zuma responds to Nkandla ruling