NATIONAL NEWS - The rand firmed on Wednesday on expectations President Jacob Zuma would offer his formal resignation after the ruling African National Congress (ANC) party ordered the 75-year old to step down.
At 0714 GMT, the rand was 0.8% firmer at R11.8590 to the dollar.
Zuma is expected to respond on Wednesday to the ANC’s order to step down as head of state, party officials said, after the party gave him no firm deadline to resign.
“After waiting for so long for such a major event, we still think that a formal resignation/removal will trigger some sharp gains, even if only temporarily,” Rand Merchant Bank analyst John Cairns said in a note.
The presidency told the media on Wednesday to “await official notification” of a briefing by Zuma, amid expectations of his resignation.
Rand firms on talk Zuma will resign, reported Gupta arrest
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