South African markets closed in the green yesterday with the dollar trading stronger against the dollar, as investors cheered the re-election of President Cyril Ramaphosa, according to Anchor Capital.
The United States dollar was trading marginally lower against the rand at the 5.30am, trading at at R18.04 against the dollar.
At 10.29am, the rand was trading at R17.96.
At 05.30am the Euro traded also traded lower against the rand at R19.37 while the British pound had marginally declined against the rand to trade at R22.92.
Anchor Capital also reported that the the euro declined against most of the major currencies on Tuesday.
The financial institution also showed that when the markets opened on Wednesday, the Euro lowered slightly against the US dollar while it had marginally weakened against the pound.
Presidential inauguration
Now that the members of Parliament have been sworn in, the first sitting of the provincial legislatures has taken place and the 10 members of the National Council of Provinces (NCOP) have elected, South African have switched focus to the Presidential Inauguration.
The inauguration of the President of South Africa will take place on June 19 with the Chief Justice presiding over the swearing-in of the President-elect.
The inauguration of the President indicates the start of the seventh administration.
The President will then appoint Cabinet Members as the Head of the Cabinet, according to Parliament.
Once of the Presidential Inauguration is over, South Africans can start looking forward to the Opening of Parliament Address which will take place at the joint sitting of the National Assembly (NA) and the National Council of Provinces (NCOP).
IOL Business