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The rand tumbled after South African President Jacob Zuma survived a bid by opposition lawmakers to oust him, crushing the prospect of a new leadership reviving the country’s economy.
The South African currency slumped as much as 1.2 per cent before paring the decline to trade 0.8 per cent weaker at 13.3374 per dollar by 12.46pm in New York.
The ruling African National Congress defeated an eighth attempt in Parliament to remove Zuma, whose eight-year rule has been mired in allegations of corruption and mismanagement that weighed on investor sentiment, reduced the country’s credit ratings to junk and sent the economy into recession.
“Expect both the rand and bonds to give back all of yesterday’s gains and end a little weaker than where they opened today,” Isaah Mhlanga, an economist at Rand Merchant Bank in Johannesburg, wrote in a note to clients before the ballot. The concern now is that Zuma “might be able to stretch his reign until 2019,” he said.
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