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ZAR: Rand Reverses Daily Loss, Possibly In Anticipation Of Cabinet Announcement

ZAR

The rand has turned bid, reversing the entirety of its earlier losses, seemingly in reaction to the release of a News24 source report noting that President Ramaphosa will announce the line-up of his new cabinet imminently. This would put an end to post-election political uncertainty and allow for the resumption of normal government business.

  • Spot USD/ZAR last trades at 18.1614, around 860 pips lower on the session, which comes on the heels of two consecutive days of gains.
  • News24 wrote on their X account that "speculation is rife that President Cyril Ramaphosa will announce his new inclusive Cabinet before the end of this week."

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