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. ..

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

MARKET WRAP: JSE soars on hopes of China easing stringent Covid measuresChinese authorities have lifted some restrictions in two main cities, but analysts caution against unrealistic expectations
Source: BDliveSA - 🏆 12. / 63 Read more »

SA trails emerging-market peers as Ramaphosa faces calls to resignSouth Africa’s currency and bond markets failed to join a global rally fuelled by Federal Reserve Chair JeromePowell’s signals for a slower pace of monetary tightening and bets for a relaxation in China’s Covid policy. Moneyweb Markets
Source: Moneyweb - 🏆 5. / 77 Read more »

Business Maverick: Stocks Drop After Big Rally on Weak Factory Data: Markets WrapStocks erased gains after data showed US manufacturing contracted in November for the first time since May 2020, tempering optimism with a report that highlighted signs inflation is abating.
Source: dailymaverick - 🏆 3. / 84 Read more »