Jacob Zuma resigns and the Rand roars to R11.66/$

CAPE TOWN – The rand made some major gains on Wednesday night as President Jacob Zuma resigned. The rand reached highs against the US dollar that it had not seen since 2015, as Zuma announced to the world that he would step down with immediate effect.

“I have always been a disciplined member of the ANC,” said Zuma, in announcing that he was stepping down with immediate effect. He did not take questions from the assembled media.

The rand was trading at 2% higher and was at R11.71 to the dollar on Wednesday evening. The rand then strengthened even further …read more