#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

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