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The rand gained more than 2% to 17.22 per dollar on Monday after the ANC re-elected Cyril Ramaphosa as party president. The rand had started the day near 17.60 ahead of the results.
Markets had feared political uncertainty over the Phala Phala controversy, which had weighed on the currency since late November.
Reduced political risk strengthens the rand, which lowers the local cost of dollar-priced feed imports. The move is driven by domestic politics rather than a change in feed supply or demand.
businesstechafrica.co.zaThandile ThobelaDec 19, 2022Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
