Rand Slips Against Dollar as ANC Vote Count Falls
The South African rand declined against a firmer dollar as municipal election results showed a significant drop in support for the ruling ANC. With most votes counted, the outcome raised questions about future economic stability and local governance.
Insights:
The South African rand fell 0.3% against the United States dollar during Friday morning trade as municipal election results showed a sharp decline in support for the ruling party. Vote counts covering 72% of districts put the African National Congress at 32%, down from 46% in 2021. The currency traded at 16.5275 per dollar during early deals.
