BUSINESS NEWS - South Africa’s rand weakened as much as 1.7% in midday trade on Wednesday to its worst in nearly three weeks after the ruling African National Congress (ANC) said an early exit for President Jacob Zuma had not been discussed at a party meeting.
Initially hit by softening demand for emerging-market assets as global bond yields picked up, the rand’s losses accelerated to a session-low 12.55 shortly after the ANC Secretary-General Ace Magashule told reporters Zuma’s removal was not on the agenda of a meeting of the party’s top decision-making body.
At 11.00 GMT the rand was 1.4% weaker at 12.5075 per dollar, slightly better than the slide to its weakest level since 26 December.
The rand has swung between 12.2275 and the upper 12.50s for the first two weeks of the year, pushed and pulled by mostly rumour-fuelled bets of a Zuma resignation before his term ends in 2019.
Rand slumps to 2-week low
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