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    Rand Breaks R18/$ Barrier on President Ramaphosa’s Inauguration Day

    It seems like the South African President-elect Cyril Ramaphosa’s inauguration is bringing great news to our economy, as the rand breached the significant R18/$ threshold today.

    In the days and weeks ahead, the rand will be closely monitored as South Africa adjusts to the newly formed Government of National Unity (GNU) coalition, comprising the ANC, DA, and IFP, which will lead the country for the next five years.

    On Friday, June 14, Mzansi witnessed the swearing-in of its new 400-member parliament in Cape Town.

    This historic event marked the first time since the 1994 democratic elections that the ruling African National Congress (ANC) did not secure a majority in the recent elections.

    As of 09:45 on Wednesday, the rand was trading at R17.96/$, indicating a positive start for the GNU.

    The table below shows the rand’s exchange rate against five major currencies: the US dollar, pound, euro, Australian dollar (A$), and New Zealand dollar (NZ$).

    Main Image: News24

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