South Africa Crashes on Ramaphosa Speculation

While the political turmoil in Spain took the spotlight in the news, other countries around the world were not immune to their share of problems in politics. South Africa was one of such countries, and that sent the South African Rand crashing down against the US dollar.

Rumors were circulating that Deputy President Cyril Ramaphosa may be another victim of the cabinet reshuffle by President Jacob Zuma. That was just days after Zuma sacked Higher Education Minister Blade Nzimande. That was troubling rumors, especially ahead of the upcoming leadership election in the ruling African National Congress party.

USD/ZAR jumped 1.76% to 13.7239 as of 13:42 GMT today.

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