South African Rand Drops as Zuma Resists Calls to Step Down

The South African rand fell against the US dollar today after President Jacob Zuma resisted calls to step down, supported by his party.

Pressure was growing on Zuma to step down, even from withing his ruling African National Congress party, since he fired finance minister Pravin Gordhan in March. Yet the ANC committee decided to back the President. The rand fell as a result, though some analysts speculated that the currency should find support from strong demand for high yielding assets of emerging markets.

USD/ZAR rose 0.66% to 12.9673 as of 17:12 GMT today.

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