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South Africa’s Rand Gains on Zuma Ouster Prospects, Debt Ratings

  • Three ministers reportedly asked president to step down
  • Country escaped ratings downgrades, S&P assessment due Dec. 2
Bloomberg business news

Zuma Survives Bid by Top Party Officials to Oust Him

Updated on

The rand strengthened the most in almost a month, leading global gains against the dollar, after senior members of the ruling party called for South African President Jacob Zuma to step down and the country avoided a downgrade from two ratings companies.

The rand climbed as much as 2.8 percent and was 2.6 percent stronger at 13.7504 per dollar by 6:07 p.m. in Johannesburg, heading for the biggest gain since Oct. 31. The rand gained the most among 31 major and emerging-market currencies tracked by Bloomberg. Benchmark government rand bonds due December 2026 rose, driving the yield down by 21 basis points to 8.88 percent, the biggest decline in five months.