Ramaphosa to lead South African delegates at World Economic Forum

New ANC leader vows to'restore credibility after Zuma scandals

The rand has rallied since mid-December, supported by investors' hopes that the newly elected leader ANC head Cyril Ramaphosa would push through business-friendly policies.

The terms of reference for the commission and the extent to which Zuma was able to influence these will be instructive.

Non-profit organisation Transform RSA on Wednesday sent a legal letter to the African National Congress (ANC) National Executive Committee (NEC) which served as "an urgent warning" against any intentions of removing President Jacob Zuma from office. It was hoped that his climb-down would lessen the chances of him being removed before the party's 106th anniversary celebrations this weekend, the people said. Here's what happened: Shortly before 6:00 am NY time, false reports suggested South African President Jacob Zuma had unexpectedly resigned.

Zuma's announcement comes the day before parliament is to take up a draft of a process for removing the nation's president from office.

"And the ANC meeting only ends tomorrow so there will be more headlines and that means rand volatility should continue", said trader at RMB, Jim Bryson.

"That matter was not for any discussion or debate", ANC Secretary General Ace Magashule said in response to a question about whether Zuma's future was discussed or would be raised. Calls to Bongani Ngqulunga, Zuma's spokesman, didn't connect.

Ramaphosa was said to be negotiating Zuma's resignation as head of state.

Mr Zuma has been accused of conspiring with a wealthy business family, the Guptas, to control lucrative state contracts.

The political turmoil over the numerous corruption allegations has hurt South Africa's economy, which briefly dipped into recession a year ago. The rand, for its part, eventually climbed back into positive territory and was up 0,3 percent to 12,3489 per dollar as of 8:47 am in NY.

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