December 15, 2017 / 11:43 AM / 7 months ago

South Africa's rand gains more than 1 percent on politics, low liquidity

JOHANNESBURG (Reuters) - South Africa’s rand firmed nearly one-and-a-half percent on Friday on a court ruling affecting delegates set to take part at a conference of the African National Congress and investors cutting long dollar positions amid tight liquidity.

Illustration photo shows a two-rand coin above a South Africa flag April 12, 2017. REUTERS/Thomas White

At 1107 GMT the rand was 1.41 percent firmer at 13.3000 per dollar.

Analysts said the ruling could block some delegates from Kwazulu-Natal province who support Nkosazana Dlamini-Zuma, a former cabinet minister, from taking part at the conference called to elect a new leader to replace President Jacob Zuma.

The race between Deputy President Cyril Ramaphosa and Dlamini-Zuma is still too close to call. Traders said the court decision was viewed by investors as a positive for Ramaphosa.

Reporting by Mfuneko Toyana; Editing by James Macharia

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