The South African rand has rallied since businessman-turned-politician Cyril Ramaphosa won the leadership of the ruling African National Congress (ANC), but investors' hopes that this signified the end of corruption associated with embattled President Jacob Zuma may be dashed.
The dollar has fallen 7 percent against the South African rand since Ramaphosa won the ANC leadership contest on December 18.
But, "the positive market reaction to Ramaphosa's win – which still leaves the rand way below where it was a few years ago – has gone as far as it is likely to," James Lockhart Smith, head of financial sector risk at consultancy Verisk Maplecroft, told CNBC via e-mail Wednesday.
Rumors concerning Zuma's future are rife.
CNBC Africa, citing unnamed sources, reported on Friday that the ANC leadership is trying to negotiate an exit deal for the president, aiming for a "pleasant walk away" despite hundreds of corruption charges against him. This is to pacify his supporters within the party.