SOUTH Africa’s rand strengthened on Tuesday, as clarity on the handling of “farmgate” scandal involving President Cyril Ramaphosa and better-than forecast third quarter growth figures brought back some risk appetite among investors.
Ramaphosa gained a lifeline after the ANC said on Monday it would request its lawmakers to reject a report that said he may have violated the constitution.
The report by a panel appointed by the speaker of parliament was due to be debated on Tuesday, but this was delayed to December 13, further easing political tensions.
At 14:00, the rand traded at R17.44 against the dollar.
The risk-sensitive currency has faced turbulence since the report was released as political turmoil at home fuelled investor uncertainty. At one point it fell more than 4% lower against the dollar, before making a recovery.
“The rand is performing better as there is more clarity around how the whole Phala Phala mess
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