South Africa’s rand extended recent gains early on Friday, a day after Cyril Ramaphosa was sworn in as the country’s president. Many financial analysts hope Ramaphosa’s rise to the presidency helps bring an end to the corruption scandals and economic decline seen during Jacob Zuma’s nine years in power.
Analysts at NKC Research said they expected the rand to trade in a range of 11.50/$ – R11.75/$ on Friday.
Government bonds were also stronger on Friday, with the yield on the benchmark instrument due in 2026 down 6.5 basis points to 8.165 percent.
At 0612 GMT, the rand traded at 11.5800 versus the dollar, 0.26 percent stronger than its New York close on Thursday.
Ramaphosa became South Africa’s head of state on Thursday after Zuma resigned under pressure from Ramaphosa’s allies in the ruling party, the African National Congress (ANC).
A former union leader, Ramaphosa has promised to fight corruption and woo foreign investors.
He will deliver a closely watched speech, the state of the nation address on Friday.
