#AntiZuma: Rand relatively unchanged
Johannesburg
– South Africa’s local currency was relatively unchanged after lunchtime on
Friday, despite thousands taking part in an anti-Zuma protest.
Thousands
of people from all walks of live marhed across SA on Friday to request
President Jacob Zuma’s removal.
Marches
were – based on social media accounts – mostly peaceful, although there were
reports of rubber bullets being fired outside ANC headquarters, Luthuli House,
in Johannesburg.
Hundreds
of people formed human chains and blocked roads in city centres and small towns
across the country.
However,
this seems to have had little effect on the rand, which was trading at R13.77
just after 1pm on Friday.
Reuters
earlier on Friday reported that the currency was at R13.75 to the dollar just
before 7am, which it said wasn’t far off its New York close on Thursday.
Read also: Rand pars losses but risks remain high
The
protests were triggered by SA’s credit rating being dropped to junk by S&P
on Monday. That move, in turn, was precipitated by Zuma firing 9 of his Cabinet
ministers, including the internationally respected then Finance Minister Pravin
Gordhan, in a late night shuffle the preceding Thursday night.
Moody’s
has also put SA on review for a potential downgrade, which may be announced on
Friday.
The
rand has lost about 10 percent of its value since Zuma recalled Gordhan from an
international investor roadshow to the US and UK on March 27.
BUSINESS REPORT
ONLINE