By Zuko Komisa
Rand hits R17.38, following Phala Phala panel report.
After ending on a three-month high on Wednesday, the rand fell more than 1% to R17.38 today as market volatility and investor jitters over President Cyril Ramaphosa’s potential recall gripped the country.
The rand was trading at R17.08 against the dollar at 8:55 a.m., up 0.7% from its closing price on Wednesday.
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This is after the dollar fell on international stock markets following remarks by the head of the US Federal Reserve that interest rate increases could be dialled back as early as December.
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On Wednesday, the rand’s value against the dollar fell by 1.2%.
Ramaphosa may eventually be removed from office as a result of conclusions made on Wednesday by an independent panel that was formed by the speaker of the South African parliament.

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