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South African Rand Rises Back Vs U.S. Dollar As ANC Fires Zuma

The South African Rand rose back against the U.S. dollar in the European session on Tuesday, as South Africa’s ruling African National Congress formally ordered President Jacob Zuma to leave office amid corruption allegations.

At the ANC’s executive committee meeting in Pretoria, the party officials decided to recall Zuma and gave him 48 hours to step down.

If Zuma rejects the order, he would be expelled through a parliamentary vote of no-confidence scheduled next week.

The rand rose back to 11.87 against the greenback, compared to Monday’s closing value of 11.93. If the rand rises further, 10.00 is possibly seen as its next resistance level.

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