MARKET WRAP: Rand plunges as Ramaphosa hangs on by a thread

The rand tumbled against major currencies in a volatile session on Thursday as the fate of President Cyril Ramaphosa hangs in the balance after an independent panel found he may have violated the constitution.

The local currency plunged more than 3% against the dollar in intraday trade — the biggest one-day drop since February 2021 — and by more than 4% against the euro and sterling as investors bet on the likelihood of Ramaphosa stepping down after the panel recommended a full investigation of a robbery in December 2020 at his Phala Phala game farm. ..

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