Rand slightly strengthens as delegates vote for new ANC President

The South African Rand (ZAR) has slightly strengthened as delegates cast their vote for the next ANC President.

The local currency was already up by 3% at the close of trading on Friday.

It’s been hovering around the R13.07 mark to the US dollar, a level last seen in September.

The market is pricing in a Cyril Ramaphosa win as the next ANC leader as he’s seen as a more investor-friendly candidate.

Analysts also expect a Ramaposa win to prompt a rally in the rand to levels below R13 to the dollar.

They predict that a Nkosazana Dlamini Zuma win could see the currency touch levels of R14.57 to the greenback.

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