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The rand strengthened about 1.8% on Friday after falling nearly 4% in the previous two sessions on rumours that President Ramaphosa might leave office. The African National Congress denied he was considering stepping down.
Analysts said investors were betting that he would stay, given his business-friendly profile.
Easing fears of a leadership change lift the rand, which makes dollar-priced feed imports cheaper for South African buyers. The move is driven by political sentiment rather than physical supply.
voaafrica.comReutersDec 2, 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.
