Rand would be at R17/$ without Ramaphosa at the helm - Investec's Annabel Bishop | Fin24
 
  • Load Shedding Schedules

    Find information for Johannesburg, Durban, Cape Town and other cities.

  • Govt Pension Fund

    The fund says it would be wrong to dismiss R250bn Eskom bailout proposal without all the facts.

  • Sovereign Wealth Fund

    Questions around the fund's scope & mandate remain unanswered, writes Dr. Malan Rietveld.

Loading...

Rand would be at R17/$ without Ramaphosa at the helm - Investec's Annabel Bishop

Jun 11 2018 16:44
Fin24

The rand has been losing ground to the dollar over the past week, but the exchange rate would have been worse had Cyril Ramaphosa not won the ANC presidency in a tightly-fought race with Nkosazana Dlamini-Zuma last year, according to Investec's chief economist Annabel Bishop.  

On Monday at 16:21, the rand was trading at R13.08 to the greenback, up 0.17% on the day. 

Ramaphosa’s victory for the post of president of the ANC in mid-December paved the way for him become South African president. The local currency strengthened immediately after Ramaphosa beat out Dlamimi-Zuma, reaching a low of R11.51/$ in late February. 

It slowly started to lose steam in mid-March.  

Last week, amid broad emerging market weakness and global risk-off, the local currency lost over 4% to the greenback, reaching a low of  R13.29/$ on Friday. 

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

NEXT ON FIN24X

 
 
 
 

Company Snapshot

Voting Booth

How concerned are you about ransomware attacks?

Previous results · Suggest a vote

Loading...