South Africa's rand retreats with fundamentals back in focus

South Africa's rand retreats with fundamentals back in focus

"It's really hard to call, it needs to close above (R) 12.52 to get out of these ranges, but a test of around (R) 12.20 can not be totally discounted", Bryson said.

Before taking office, Zuma dismayed the nation during his 2006 rape trial when he told the court he had showered after having unprotected sex with his young HIV-positive accuser to avoid, he said, contracting the virus.

Mr Zuma's announcement came ahead of today's meeting of the top leadership body of the governing African National Congress (ANC).

But if he is able to demonstrate early signs of action - for example, if Zuma is recalled and the cabinet reshaped as Ramaphosa would want - this would be a sign that paralysis won't happen.

"The ANC can not avoid dealing with the future of Jacob Zuma".

The sources all agreed that it was now a matter of when, and not if, Zuma stepped down. In her report, State of Capture, Madonsela found that Zuma was conflicted through his family's business relationships with the Gupta family in appointing a judge to head the commission.

Zuma said the commission would be headed by Deputy Chief Justice Raymond Mnyamezeli Mlungisi Zondo.

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

Disgruntlement with Zuma's rule caused support for the ANC to fall to a record low in the 2016 municipal elections and cost it control of Johannesburg, the economic hub, and Pretoria, the capital.

Anticipation that Ramaphosa, a lawyer and one of the wealthiest black South Africans, would imminently replace Zuma helped boost the rand 11% against the dollar last month, the most among the world's major currencies.

At 1pm the rand was 1.4% weaker at R12.5075 to the dollar, slightly better than the slide to its weakest level since December26.

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