South African rand rises on signs Ramaphosa doing well in ANC race

JOHANNESBURG: South Africa's rand gained 1 percent against the US dollar on Monday on signs that Deputy President Cyril Ramaphosa was doing well in the race to become the next leader of the ruling African National Congress (ANC).

At 1501 GMT, the rand was up 1.02 percent against the dollar at 13.6050.

Ramaphosa received the most nominations from ANC branches in Limpopo province in results released on Monday, ahead of a conference next month at which the ruling party's next leader will be elected.

"The good news coming through that Cyril Ramaphosa is getting a lot more support is possibly giving the rand a bit of an injection. Obviously markets view it as positive but it is still a long way (to the conference)," said TreasuryOne currency dealer Phillip Pearce.