Rand weakens as Zuma stays in office

Rand weakens as Zuma stays in office

President Uhuru Kenyatta and his South African counterpart Jacob Zuma are set to hold talks on Thursday in Durban.

Rising public frustration over multiple corruption allegations against Zuma have led some in the ruling African National Congress to urge him to step aside so the party can be in a stronger position to contest an election in 2019, it added.

"For Ramaphosa to build on the momentum of his ascendancy to ANC president and boost investor confidence, he will only have a relatively short window to remove Zuma", said Mike Davies, the founder of political-advisory company Kigoda Consulting.

"It's really hard to call, it needs to close above (R) 12.52 to get out of these ranges, but a test of around (R) 12.20 can not be totally discounted", Bryson said. "His hand has been forced", said Mmusi Maimane, leader of the main opposition Democratic Alliance.

Initially hit by softening demand for emerging market assets as global bond yields picked up, the rand's losses accelerated to a session-low R12.55 shortly after the ANC Secretary-General Ace Magashule told reporters Zuma's removal was not on the agenda of a meeting of the party's top decision-making body.

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Zuma said the commission would be headed by Deputy Chief Justice Raymond Mnyamezeli Mlungisi Zondo.

"We believe that the rand's rally is looking overstretched given that South Africa's idiosyncratic risks did not end with Ramaphosa's victory".

"It is quite clear that Ramaphosa is not equal to the task of getting rid Zuma as the majority of the ANC is still made up of corrupt and selfish leaders who put filling their own pockets before the needs of the people‚" Van Damme said.

In 2016 a damning report questioned Zuma's dealings with the Guptas, a wealthy family of Indian origin, who allegedly were granted influence over his cabinet appointments.

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