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Rand recovers from fall on panel findings against president

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The rand recovered some ground in early trade on Thursday, after weakening in the previous session following a panel of experts’ findings against President Cyril Ramaphosa.

An independent panel appointed by the speaker of South Africa’s parliament on Wednesday found preliminary evidence that Ramaphosa had violated his oath of office, findings that could lead to his eventual impeachment.

The president has denied any wrongdoing. Ramaphosa has not been charged with any crimes.

At 08:55, the rand traded at R17.08 against the dollar, 0.7% stronger than its closing level on Wednesday as the dollar tumbled on global markets on comments by the US Federal Reserve chair that interest rate hikes could be scaled back as soon as December.

The rand ended Wednesday 1.2% lower against the greenback.

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