# Rand goes up as Ramaphosa is elected to a second term as ANC president | Business Tech Africa · Business Tech Africa

> 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.

- Date: 2022-12-19 · published 2022-12-19T12:00:00.000Z
- Category: macro · region South Africa · magnitude low
- Page: https://feedsoft.ai/events/38518-rand-goes-up-as-ramaphosa-is-elected-to-a-second-term-as-anc-president-business
- Commodities: [South African Rand (ZAR per USD)](https://feedsoft.ai/c/USDZAR.md)

## Why it matters

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.

## Read by commodity

- USDZAR: bearish ▼

## Sources

- businesstechafrica.co.za: https://www.businesstechafrica.co.za/article/rand-goes-up-as-ramaphosa-is-elected-to-a-second-term-as-anc-president

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.