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South Africa’s rand is rallying ahead of a no-confidence vote on President Jacob Zuma

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People in Cape Town carry placards during a march on Monday calling for the removal of South African President Jacob Zuma.

The South African rand has ramped up against the dollar so far this week, with traders turning more bullish on the currency due to a key vote slated for Tuesday. President Jacob Zuma faces a no-confidence vote in the country’s parliament. Debate on the motion is currently underway. “The decision by the speaker of the National Assembly to hold the vote by secret ballot has raised the possibility that more MPs from the ANC party will vote against Mr. Zuma, which buoyed local markets on Monday,” said William Jackson, senior emerging markets economist at Capital Economics. “Overall, though, around 60-70 ANC MPs (out of a total of 249 ANC MPs) would probably need to rebel for the motion to pass,” Jackson said in a note. A simple majority of 201 votes — 50% of the National Assembly’s 400 members of parliament plus one — is needed to send Zuma packing, according to a report from TimesLIVE, a South African news site.

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