Rand trading strongly

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The rand is still trading strongly on the wave of positive sentiment that’s following Cyril Ramaphosa’s election as African national Congress (ANC) president.

The unit rose by close to 2% on Wednesday. It’s been trading at around R12.27, only about five cents from the levels it reached before President Jacob Zuma unexpectedly fired Finance Minister Pravin Gordhan in March.

Gordhan’s dismissal saw the rand fall by around 11% in two weeks.

The currency has risen by about 6% since Ramaphosa was elected to lead the governing party last week.

He’s promised to stamp out corruption and revive the struggling economy.