The South African Rand spiked up against the U.S. dollar in the European session on Thursday, as investors cheered resignation of President Jacob Zuma overnight, following the ANC’s ultimatium to leave office.
Zuma’s resignation came ahead of a motion of no confidence in the National Assembly on Thursday, at which he would have been unable to survive.
The embattled leader, who had been accused of corruption, tendered resignation three days after the ANC’s national leadership decided at a meeting to ask him to quit.
The South African Rand advanced to near a 3-year high of 11.5994 versus the greenback, compared to Wednesday’s closing value of 11.7077. If the Rand extends rise, 11.00 is likely seen as its next resistance level.