Rand in stable range on eve ANC elective conference

The rand was in a stable range on Friday morning‚ on the eve of the ANC’s elective conference‚ a potential game changer for SA.

Currency traders and wider financial markets will be keen spectators as Deputy President Cyril Ramaphosa and former African Union chairwoman Nkosazana Dlamini-Zuma square up to become the next ANC leader.

Several other ANC candidates have thrown their hats into the ring to succeed President Jacob Zuma‚ whose tenure as the party leader and head of state has been marred by controversy.

Just this week‚ the high court ordered Zuma to comply with former public protector Thuli Modonsela’s remedial action to establish a commission of inquiry to look into the allegations of state capture.

Analysts say a Ramphosa win could engender confidence‚ thus leading to a stronger currency and potentially staving off further sovereign credit rating downgrades.

On the other hand‚ they say the exact apposite could happen if Nkosazana Dlamini-Zuma prevails.

Whoever wins the race at the weekend will most likely be the face of the party when it contests general elections in 2019.

At 9.39am‚ the rand was at R13.4664 to the dollar from R13.5104‚ at R15.8814 to the euro from R15.9063‚ and at R18.0907 to the pound from R18.1416.

The euro was at $1.1792 from $1.1776

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