South Africa’s rand hits 2-week high after court rules Zuma can face corruption charges

The rand was on the front in early trade yet then raced to a session best 13.3625 shortly after South Africa’s Supreme Court of Appeal upheld a ruling by a lower court to reinstate corruption charges against Zuma.

“Today the catalyst for the rand’s positive moves has definitely been of which court ruling,” said currency strategist at IG Markets Shaun Murison.

“The strength we saw earlier of which week was coming from external factors as well as demand for EM’s. Today there is actually a disconnect with what we are seeing in various other emerging currencies as well as the strength within the rand,” Murison said.

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