05.08.201604:28:00UTC+00South African Rand Climbs To More Than 9-month High Versus U.S. Dollar

The South African Rand drifted higher against the U.S. dollar in European deals on Friday, after South Africa's governing African National Congress faced electoral setback in municipal elections on Thursday.

The party lost control in Nelson Mandela Bay municipality, which includes Port Elizabeth, as well as the capital, Pretoria, giving a blow to President Jacob Zuma, who faces accusation of mismanaging the economy.

The South African Rand climbed to 13.66 against U.S. dollar, a level not seen since October 2015. The South African Rand is likely to find resistance around the 12.5 zone.