The South African rand approached a three-year high against the US dollar on Thursday February 15 following the resignation of President Jacob Zuma on Wednesday, after nine years in charge.
The rand was trading at 11.67 to the dollar at 13.55 London time on Thursday, after closing at 11.82 on Wednesday. Cyril Ramaphosa, the multi-millionaire businessman and former lawyer and activist, has been sworn in as the country's president, having been elected president of the ruling African National Congress (ANC) party in December. Ramaphosa's presidency is expected to bring positive changes for South Africa's economy and business environment and a lift for South African equities, including mining stocks. The appreciating rand has been contributing to higher offer prices for South African products including...