The South African Rand was the biggest loser at the end of yesterdays trading day with the pattern continuing this morning. This comes after President Jacob Zuma survived a bid by opposition lawmakers to oust him. The hope was that a new leadership would bring about a fresh new heading for Africa’s largest economy.
This ballot, the first to be held in secret, was the 8th Mr. Zuma has successfully batted away during his tenure in which the country has been involved in corruption scandal and recession.
The result was 198 to 177 with 9 abstaining.
The Rand, which strenghtened over 1% against USD, GBP and EUR saw these gained reversed and then some with all pairs trading at weekly highs.