CAPE TOWN - The rand remained steady on Friday after the National Prosecuting Authority (NPA) announced that former President Jacob Zuma's prosecution would move forward.
The rand was at R11.95 to the dollar and R16,65 to the pound. One Euro costs R14,67.
NPA chief Shaun Abrahams said in a statement that "After consideration of the matter I am of the view that there are reasonable prospects of a successful prosecution of Mr. Zuma."
President Zuma was told of the news, according to Abrahams.
In a media briefing, Abrahams said he considered representations from Zuma, via his legal team, but rejected the former president's submission which contained allegations of prosecutorial misconduct and "inexplicable delays".
Two weeks ago, Abrahams received recommendations from his prosecution team on whether Zuma should have his day in court on the near decade-old corruption allegations
The rand slumped to a one week-low yesterday as a lack of momentum to push the currency beyond a recent milestone and fears of global trade war spurred investors to buy dollars.
At 5pm, the rand bid at R11.8266 to the dollar, 5.22cents softer than at the same time on Wednesday, having started the day steady around R11.70 before traders began eyeing short dollar positions as New York trade commenced.
“The rand has been extremely flat. We’ve seen moves mostly between 11.60 and 11.90. Our view is purchasing dollars for anything below 12 rand is a massive discount, considering the fair value is closer to 12.85,” said strategist at Peregrine Treasury, Bianca Botes.
Read More: Rand slides as investors purchase dollars
BUSINESS REPORT ONLINE