CAPE TOWN - The rand weakened on Tuesday after President Jacob Zuma survived his 8th motion of no confidence in the National Assembly in an unprecedented secret ballot.
The rand currently stands at R13.40 to the dollar, R17.16 to the pound and R15.74 to the euro.
According to Business Reports TV market update, earlier in the day, the rand was at R13.24 to the dollar and R17.09 to the pound. The rand stood at R15.53 to the euro. This data was taken just before the vote.
Earlier in the day economic analysts expected the rand to breach the psychological barrier of R13 against the dollar should the vote of confidence against the Zuma go against the president.
The rand would therefore weaken significantly should the president emerge victorious, according to analysts.
Peter Attard Montalto, a research analyst at Nomura, says that he expected the vote to fail, but attached a 30% chance of success.
On Monday the rand strengthened significantly after National Speaker of the House Baleka Mbete announced that a secret ballot to would take place.
National Assembly Speaker Baleka Mbete. (AP Photo/Mark Wessels)
According to Moneyweb the rand was the foremost performer among 31 major peers.
Mbete's decision further went on to boost overnight volatility in the rand to the highest since May on a closing basis, according to the financial site.