Rand strengthens after Constitutional Court ruling on Zuma

The rand gained on the dollar shortly before midday after the Constitutional Court ruled that Parliament had failed to hold President Jacob Zuma to account over Nkandla.

The Court found that Parliament’s failure to determine whether Zuma breached the Constitution in the way he dealt with the public protector’s Nkandla report violated the Constitutional duty resting on the National Assembly to scrutinise and oversee the actions of the executive.

The judgment ordered Parliament to create rules regulating the removal of the President‚ in terms of Section 89 of the Constitution.

Earlier on Friday‚ the rand was steady‚ albeit in thin trade‚ with most analysts away for the holidays. The broader positive sentiment following the ANC conference‚ however‚ continues.

At 11.52am‚ the rand was at R12.3039 to the dollar from Thursday’s close of R12.4056‚ at R14.7488 to the euro from R14.8160‚ and at R16.6226 to the pound from R16.6747.

The euro was at $1.1986 from $1.1942.

By: Reitumetse Pitso

– With Claudi Mailovich

– BusinessLIVE

Source: TMG Digital.

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