JOHANNESBURG, March 31 (Reuters) – South Africa’s Rand hit a near 4-month high against the dollar on Thursday as the country’s top court said President Jacob Zuma failed to respect the constitution when he ignored the instructions of an anti-graft watchdog to repay some of the $16 million spent on his private home.
At 0900 GMT, the rand traded at 14.8040 per dollar, 0.94 percent firmer from Wednesday’s New York and its strongest level since Dec. 9.
South Africa’s top court orders Zuma to repay portion of home upgrade
JOHANNESBURG, March 31 (Reuters) – South African President Jacob Zuma must repay the state some of the $16 million spent on upgrades to his private home, with Treasury determining the amount, the country’s top court ruled on Thursday.
What's bad for Jacob Zuma is good for the Rand: pic.twitter.com/vxpYkTSQQI
— Michael Cardo (@michaelcardo) March 31, 2016
