JOHANNESBURG - South Africa's rand firmed slightly on Monday after the governing African National Congress (ANC) party met President Jacob Zuma late on Sunday amid growing pressure for the leader to step down as head of state.
At 08:45am, the rand traded at 12.0700 per dollar, 0.14 percent firmer than its close on Friday.
Zuma, who is battling corruption allegations, has been in a weakened position since he was replaced as leader of the ANC in December by Cyril Ramaphosa, the deputy president.
The ANC did not say what had been decided at the meeting between Zuma and the party's "top six" leadership team on Sunday, but it summoned its National Working Committee to an urgent meeting on Monday afternoon.
Stocks were set to open lower at 9am, with the JSE securities exchange's Top-40 futures index down 1.2 percent. In fixed income, the yield for the benchmark government bond due in 2026 was up 5 basis points to 8.54 percent, reflecting weaker bond prices.