Cape Town – The South African rand gained strength on Monday after the re-election of President Cyril Ramaphosa as the leader of the ruling African National Congress (ANC).
The rand strengthened by more than 2% against the dollar.
It opened trade at R17.55 to the dollar but by the end of the day, it was tarding at R17.22 following news that Ramaphosa had won a second term.
Ramaphosa garnered 2 476 votes for the post of party president against 1 897 for former health minister Zweli Mkhize, the African National Congress’ elections chief, Kgalema Motlanthe, announced.
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