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Rand’s rally fleeting after Zuma survives no confidence motion

South Africa’s rand was pulling back in early Asia trade from gains of close to 2 per cent that had followed President Jacob Zuma’s success in fending off a no-confidence motion from his party at the weekend.

Mr Zuma was reported by South African news agency News24 to have expressed extreme displeasure with the national executive committee of the ruling African National Congress party, warning detractors in his own party not to “push him too far”.

The rand was 0.4 per cent firmer 12.8249 per dollar on Monday in Asia, but had strengthened as much as 1.8 per cent in early trading.

While the attempt to unseat Mr Zuma through a “recall” from office has reportedly failed, the push reflects growing resistance in the ANC to his efforts to determine his successor as party leader in a vote this year.

Mr Zuma managed to fend off a similar attempted ambush at the NEC in November, even as allegations of corruption in state contracts mounted. These include his ties to the Guptas, an Indian-born business family who have been accused of influencing appointments to cabinet and the boards of public enterprises.