The South African Rand jumped against its peers ahead of the weekend after the Supreme Court of Appeal rejected the South African president’s attempt to avoid corruption charges.
South Africa's Supreme Court has ruled President Jacob Zuma can once again face corruption charges relating a multi-million Dollar arms deal in the 1990s. The charges were dropped secretly to allow Zuma to become president with critics citing political interference.
The Rand tends to benefit on any suggestions Zuma’s presidency is threatened; this is another case of that dynamic playing out.
However the National Prosecuting Authorities initial reaction to the ruling is that they are now able to reconsider the investigation which suggests political interference might once again thwart attempts to prosecute Zuma.
The Rand's gains might therefore be limited.
South Africa's opposition has called for the charges to be reinstated as soon as possible.
The Pound-to-Rand exchange rate is quoted at 17.68 having been as high as 17.89.
The Dollar-to-Rand rate is at 13.28 having gone as high as 13.48 earlier in the day.
The Euro-to-Rand rate is at 15.72 having been as high as 15.97.
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