Zuma Survives Bid by Top Party Officials to Oust Him

The African National Congress (ANC) held a press conference to discuss their decision not to oust President Jacob Zuma, highlighting internal party tensions. The Rand experienced fluctuations due to political instability and potential downgrades by ratings agencies like S&P, Fitch, and Moody's. The political turmoil is a significant concern for South Africa's economic stability, with potential impacts on the country's credit rating. Analysts predict continued volatility in the currency market, influenced by inflation and investor sentiment.

What role do ratings agencies play in the context of South Africa's political and economic situation?

What factors contributed to the volatility in the South African currency market?