-
Bearish Rand Bets Rise as Ruling ANC Explores Coalition Options
Traders are betting on more rand losses as the African National Congress leadership sets out to address the pressing issue of coalition-building after an election result that went against decades of precedent. The cost of hedging against declines in the South African rand over the next year climbed a third day to its highest level this year. In the spot market, the currency was weaker, tripping over the 19 per dollar mark in intraday trade. It was at 18.9768 per dollar as of 1:52 p.m. in Johannesburg. Members of the ANC’s national executive committee gathered east of Johannesburg on Thursday, a day after a separate ... (full story)