Rand takes a knock due to Jacob Zuma

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Tuesday, 13th January 2009 at 9:59 am by Rander

Rand takes a knock due to Jacob Zuma

The South African rand took a knock yesterday after the Supreme Court of Appeal (SCA) reversed a decision to dismiss corruption charges against Jacob Zuma, making it possible for him to once again face charges. The issue of Zuma is important to the South Africa economy as chances are high that Zuma could be the next president of South Africa. Investors would be concerned about investing in a country where the president has criminal charges hanging over him. At 11:31 yesterday, the rand traded at R9.9350 versus the dollar after earlier falling to R9.98, compared to R9.9195 before the ruling. This morning the rand has further slipped as is now trading at around R10.13 to the dollar.

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