Rand strengthens against the dollar as Ramaphosa wins re-election

The rand appreciated more than 2% against the dollar on Monday after Cyril Ramaphosa won re-election as ANC president.

The local currency, which opened trading at R17.55 against the greenback, changed hands at R17.22 just after midday on news that Ramaphosa had won a second term.

Ramaphosa received 2,476 votes to 1,897 for his rival, former Health Minister Zweli Mkhize.

The rand also appreciated more than 1% against the pound and the euro.

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