South African Rand Jumps as ANC Heads to Victory in Election

May 11,2019 07:24   Source:Earnforex

A lion on 50-rand noteThe South Africa rand jumped against the US dollar today on the positive outcome of the national election.

While not all votes were counted yet, it seems very likely that the governing African National Congress will retain majority in the parliament. Investors welcomed the news as they are hoping that this allows President Cyril Ramaphosa to implement reforms necessary to boost the nation’s economy.

USD/ZAR slumped from 14.3354 to 14.1835 as of 11:12 GMT today.

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