South Africa's rand weakened early on Monday as investors awaited the outcome of voting for the new leader of South Africa's governing African National Congress (ANC).
Voting for the ANC's new leader was almost complete on Monday as the race pitting President Cyril Ramaphosa against former health minister Zweli Mkhize entered the final stretch.has been more or less guaranteed
"For the rand, trading activity should settle down through the week ahead, especially if the ANC elective conference outcome is benign and Ramaphosa is selected for another five-year term," ETM Analytics said in a research note.
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