14.02.201807:55:00UTC+00South African Rand Advances To Near 3-year High Against U.S. Dollar

The South African Rand firmed against the U.S. dollar in the European session on Wednesday, as speculation of exit of South African President President Jacob Zuma intensified after ruling party called a no confidence vote on Thursday, if he refuses to resign today.

The African National Congress party treasurer-general Paul Mashatile said that the party cannot wait beyond Wednesday for Zuma to resign.

The party is expected to hold a motion of no-confidence on Thursday, at which Zuma is impossible to survive.

The South African Rand climbed to near a 3-year high of 11.7896 against the greenback and held steady thereafter. The pair closed Tuesday's deals at 11.9558.