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Rand Falls as Political Turmoil in South Africa Intensifies

April 5, 2017 at 13:20 by Vladimir Vyun

ZAR coins and banknotes of the year 2012 designPolitical turmoil in South Africa persists, and it continued to hurt the rand, which dropped more than 1% on Wednesday.

South African President Jacob Zuma sacked Finance Minister Pravin Gordhan last week, a move that cost South Africa its investment grade. The decision was criticized not just by international markets, but politicians in the country itself, resulting in calls for the President to resign. Yet the ruling African National Congress Party rejected such calls.

USD/ZAR climbed 1.1% to 13.7749 as of 13:08 GMT today.

If you have any questions, comments or opinions regarding the South African Rand, feel free to post them using the commentary form below.

One Response to “Rand Falls as Political Turmoil in South Africa Intensifies”

  1. Puventhrie

    South Africa has already been downgraded by moodie so there is hardly anything we can do, even if Jacob Zuma were to step down, it will take us a couple more years to build the country again with a new president. I was thinking about trading but it’s unfortunate that the downgrade had to happen at this current moment. Our currency is pathetic and the state of our country is pathetic so the best option is leave this country. There is no future in South Africa.

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