THE South African rand rallied on Thursday as the governing African National Congress (ANC) stood by a decision to suspend one of its top officials charged with corruption and global risk appetite was strong.
At 1620 GMT, the rand ZAR=D3 traded at 14.2200 against the dollar, up roughly 1% on the day.
Other emerging market currencies, including the Russian rouble RUB= and Turkish lira TRY= , also gained as investors took comments by Federal Reserve officials on Wednesday to mean that U.S. interest rates would stay low despite the risk of higher inflation.
The ANC’s move earlier this week to suspend its Secretary General Ace Magashule, one of reform-minded President Cyril Ramaphosa’s main rivals, has boosted the rand as it is seen as a sign that Ramaphosa is in the ascendancy in his divided party.
Magashule is attempting to appeal his suspension and denies the corruption charges he faces.
But
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