Rand trades at R11.63 against the dollar after SONA

JOHANNESBURG – The currency remained on the front foot, soaring to its firmest since early 2015 in the wake of Zuma’s exit this week.

Analysts have, however, warned that the rally faces serious obstacles ahead of a budget speech next Wednesday. Zuma quit late on Wednesday, reluctantly heeding orders by the ruling ANC to bring an end to a nine-year tenure punctuated by scandals, stagnant economic growth and policy uncertainty.

The rand rally, however, came to a halt shortly before President Cyril Ramaphosa delivered his first State of the Nation Address on Friday.

At about 7pm on Friday, the rand …read more