The rand was firmer on Tuesday at midday ahead of the ANC’s national executive committee (NEC) meeting on Wednesday‚ which might lead to the recall of President Jacob Zuma.
ANC deputy secretary-general Jessie Duarte said at a media conference that the national working committee (NWC) of the party recommended Zuma be recalled as head of state.
The NEC was likely to follow the recommendation of the NWC‚ she said. There has never been an occasion in the past where an ANC leader has disregarded a NEC decision.
Reuters reported that Zuma had summoned Cabinet ministers to a meeting in Cape Town on Tuesday‚ leading to speculation he might announce his resignation ahead of the NEC meeting.
On Monday‚ Zuma met Zulu king Goodwill Zwelithini‚ who asked him to resign‚ according to a report in Business Day.
The rand also received some support from a weaker dollar‚ after Monday’s sharp sell-off on Wall Street.
At 11.30am the rand was at R12.0769 to the dollar from R12.1253‚ at R14.9902 to the euro from R14.9978 and at R16.9042 to the pound from R16.9246.
The euro was at $1.2411 from $1.2369.
- BusinessLIVE
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