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S.Africa's rand slumps to 2-week low after ANC says no discussions on early Zuma exit

Reuters  |  JOHANNESBURG 

JOHANNESBURG (Reuters) - South Africa's rand weakened as much as 1.7 percent in midday trade on Wednesday to its worst in nearly three weeks after the ruling African National Congress said an early exit for President Jacob Zuma had not been discussed at a party meeting.Initially hit by softening demand for emerging market assets as global bond yields picked up, the rand's losses accelerated to a session-low 12.55 shortly after the ANC Secretary-General Ace Magashule told reporters Zuma's removal was not on the agenda of a meeting of the party's top decision-making body.At 1100 GMT the rand ...

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First Published: Wed, January 10 2018. 19:01 IST
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