The rand was stronger against major global currencies in volatile trade on Monday afternoon‚ with market focus squarely on the continuing ANC conference in Johannesburg.
The market is watching the conference closely‚ as ANC MP Nkosazana Dlamini-Zuma and Deputy President Cyril Ramaphosa are contesting the party’s presidency.
The rand gained significantly on Friday‚ after a number of legal setbacks for Dlamini-Zuma’s camp‚ but analysts said the outcome of the election was still too close to call.
Markets continued to price in a slight lead for Ramaphosa at the weekend‚ analysts said. He is seen as the more business-friendly candidate.