South Africa´s rand experienced volatile trading on Monday as investors braced themselves for the result of the ruling African National Congress (ANC) party leadership race.
The rand jumped to a three-month high on Monday before giving up much of its gains.
Growing speculation that deputy president Cyril Ramaphosa would garner enough support to become ANC leader sparked a rally for the rand last week.
As at 0913, the rand was trading up 0.37% against the US dollar, at USD/ZAR 13.04.
The result of the leadership contest should be known later on Monday.