Rand bounces as Zuma staves off ANC resignation calls,

South African President Jacob Zuma is reported to have fended off calls from within his own ruling ANC Party to resign, prompting a bounce in the fortune of the rand.

The country’s currency tanked almost 10% last week after Zuma sacked a host of cabinet ministers, including finance minister Pravin Gordhan, but regained over 1% against the US dollar on Wednesday following the reports that several key figures within the ANC will back the president.

A vote of no confidence will be put forward by the opposition party in the National Assembly this week, with Zuma needing to carry the support of most of his party to survive.

A series of anti-Zuma protests are scheduled for Friday across South Africa, with many organisations beginning preparations already.

Initially three of the ANC’s top six officials publicly distanced themselves from the decision to rearrange the cabinet, but following a meeting of the party’s national working committee it appears the president will retain enough support to pass the no-confidence poll.

However, Zuma faced a setback after the country’s largest trade union Cosatu joined calls for him to step down in a statement released on Wednesday.

"The time has arrived for him [Zuma] to step down and allow the country to be led forward by a new collective at a government level," Cosatu said.