The South African rand is soaring after President Jacob Zuma's resignation

Jacob Zuma addressing the UN in 2017. (Photo by Kevin Hagen/Getty Images)

The South African rand just hit its highest level in close to three years, helped by news that Jacob Zuma has resigned as the nation’s president on Wednesday.

Zuma had come under increased pressure to step down following accusations of corruption, money laundering, and fraud.

The USD/ZAR currently trades 11.7062, down from a high of 14.5725 just two months ago.

USD/ZAR Weekly Chart

Along with Zuma’s resignation, the rand has also been assisted by another bout of US dollar weakness following the release of mixed economic data on Wednesday.

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