Former President Jacob Zuma.
The Rand is at its highest level this year after a new opinion poll showed support for the ruling African National Congress has plummeted and the party backed by former president Jacob Zuma could become the country's third largest party. fell from the level.
The South African currency fell by 0.9% to R18.6231 to the dollar after Bloomberg reported on the Social Research Foundation poll on Wednesday.
Earlier, the rand had increased for four straight days, the longest in a month.
Piotr Mattis, a currency analyst at InTouch Capital Markets, said: “The latest opinion polls show that support for the ruling ANC has plummeted, while former President Zuma's party may become a major political force.'' “This has significantly increased the uncertainty in South African politics.”
The ANC, which has ruled South Africa since the end of apartheid, could win just 37% of support in the May 29 vote, while Zuma's Umkhonto Wisizwe Party (MKP) could gain 13%. Citing a public opinion poll conducted by SRF, the statement said. this month.
Read | Jacob Zuma can stand for election, Electoral Court rules
Such an outcome would mean the ANC would need to form a coalition with the major parties to maintain control of Africa's most industrialized economy. Mr Zuma's decision to support the MKP eroded support for the ANC. He ruled the country from 2009 until 2018, when the ANC ousted him from office.
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