The currency traded at 13.0989 per dollar as of 9:50 a.m. in Tokyo after earlier touching 12.9055, the strongest level since Sept. 12, according to data compiled by Bloomberg. Against the euro, it approached a five-month high and was at 15.3891.
Traders are betting Cyril Ramaphosa will win the election after gaining more branch nominations than his opponent, Nkosazana Dlamini-Zuma. While five other officials declared their candidature for party president, none of them received nomination from the delegates at the party’s national elective conference in Johannesburg on Sunday.
“The rand is stronger on the likelihood of Cyril Ramaphosa being elected ANC head,” Stephen Innes, Singapore-based head of trading for Asia Pacific at Oanda Corp., said in a note. “And indeed Tokyo ‘carry traders’ will be smiling this morning. ”