Peregrine Treasury Solution's Bianca Botes says the rand could initially push to R13.50/$ if the ANC wins a two-thirds majority, before giving up gains
The rand was slightly weaker on Tuesday morning, with range-bound trade expected, ahead of possible volatility in coming days.
Although the ANC is widely expected to win, the margin of its victory will be closely watched, as this could determine the extent to which President Cyril Ramaphosa will be able to drive his reform agenda. The anti-corruption and pro-growth aspects of the agenda is seen as market-positive. “Such strength will, however, not be sustainable as the same problems will continue to exist, with the biggest risk being Eskom,” said Botes. “Many feel that the governing party simply does not have the ability to turn the ship around.”
At 9.30am, the rand had weakened 0.31% to R14.3697/$, 0.31% down at R16.0734/€, and had softened 0.42% to R18.6048/£. The euro was flat at $1.1186.
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