S.Africa's rand hits five-month high against dollar after ruling against Zuma

by Reuters 0

South Africa’s rand extended its gains against dollar on Friday to hit a five-month high after a court ruled that a 2009 decision to drop 783 corruption charges against President Jacob Zuma was irrational and should be reviewed.

The rand hit a high of 14.1650 per dollar at 1003 GMT, its firmest level since November 26 according to Thomson Reuters data.

“The currency seems exceptionally sensitive to the political situation. We have seen that broad reaction in December with the change of the finance ministers, we saw that reaction which was swift,” Global Trader head of trading Nilan Morar said.