Rand continues to strengthen

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The rand has continued to strengthen in the wake of Jacob Zuma‘s resignation as head of state on Wednesday.

The currency is currently trading at R11.60 against the dollar from R11.70 in early morning trade.

Market analysts remain positive and say they await Cyril Ramaphosa‘s State of the Nation Address (Sona) which will be critical as he would need to set out a reform path acceptable to the ruling African National Congress (ANC) party’s wider membership.

South Africa’s upcoming budget and a ratings decision from Moody’s would also be a key focus for debt investors in February.