Local political news boosts the rand

The rand was slightly stronger against the dollar on Wednesday afternoon after some ANC politicians asked to be removed from the ANC’s MP list.

Reasons for their withdrawals are not yet clear. The ANC has been criticised for nominating ANC members who have been implicated in state capture allegations, including Gigaba and environmental affairs minister Nomvula Mokonyane. The rand was the second best performing emerging market currency on Wednesday, but analysts said the boost from local political developments was small, and investors are still waiting to see the size and composition of Ramaphosa’s new cabinet.

At 1.40pm, the rand gained 0.13% to R14.3740/$, flat at R16.0523/€ and up 0.53% to R18.1904/£, as British Prime Minister Theresa May is set to present her arguments for a new Brexit deal before parliament later on Wednesday. The euro was flat at $1.1168.

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