South Africa’s local currency, the rand, on Monday strengthened by more than 2% against the dollar after Cyril Ramaphosa won re-election as ANC president.
The rand, which opened trade at R17.55 to the US Dollar, was changing hands at R17.22 just after noon on the news that Ramaphosa had won a second term.
Ramaphosa received 2 476 votes to defeat his rival, former health minister Zweli Mkhize who garnered 1 897 votes.
The rand also strengthened by more than 1% against the pound and the euro.
