09/08/2017 06:06 AST

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.


Ticker Price Volume
QNBK 123.29 21,021
SABIC 98.36 2,678,948
AICC 16.56 103,569
JARIR 143.98 13,484
CHEMANOL 6.99 1,858,123
PETRORABIGH 13.62 1,724,546
TAWUNIYA 97.04 165,611
US Dollar 1.00
Saudi Riyal 3.75
Derham Emirati 3.67
Qatari Riyal 3.75
Kuwaiti Dinar 0.30
Bahraini Dinar 0.38
Omani Riyal 0.39
Euro 0.84
British Pound 0.76
Japanese Yen 109.79
Pound could slide to $1.10 on no-deal Brexit scenario


he risk of a no-deal Brexit is playing on investors’ minds. The European Union is likely to confirm this week that Brexit talks have not made sufficient progress to move onto discussions about a fut


Dollar heads for worst week in five as stocks cheer record streak


World stocks advanced for a fourth straight day on Friday on expectations of broad-based global growth, while the dollar was on course for its worst week in five as investors awaited US inflation dat


Pound falls as October blues provoke memories of flash crash


October blues are starting to weigh on the pound — again. Sterling is headed for its worst week in a year as questions swirl about whether Theresa May will stay or go, even as the prime minister sai


Dollar lower or steady at best over the coming year: Reuters poll


Most major currencies will hold on to their gains made in 2017 against the dollar over the coming year, according to a Reuters poll of currency strategists who were not entirely convinced of the U.S.


Dollar Gains Before Payrolls; Europe Stocks Drop: Markets Wrap


The dollar extended gains to an almost three-month high and Treasury yields rose as confidence in the world’s largest economy grows in the buildup to the latest jobs data. European shares edged lower