Rand tumbles most among peers as Zuma seeks to dodge exit calls

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"If the last few days are anything to go by, then Zuma will continue to move markets".

The beleaguered leader has faced growing pressure to resign before his term as president ends in 2019.

The Constitutional Court had ruled almost two weeks ago that MPs failed to hold Zuma accountable for the millions in public money used to upgrade his personal residence.

Zuma's move and the rand's reaction came before the new top leadership of the ruling African National Congress gathers for the first time.

South Africa's president said Tuesday he is appointing a commission of inquiry to look into corruption allegations that have led to calls for his ouster and weakened the ruling party, declaring "this matter can not wait any longer". This comes two years after former public protector Thuli Mandonsela recommended that he do so in her state of capture report.

More news: White House: China can convince Pakistan about crackdown on terror

Chief Justice Mogoeng has chosen his deputy, Ray Zondo, to head the inquiry, Mr Zuma said.

South Africa's main oppostion Democratic Alliance (DA) cheered the creation of the probe. But the priority was not "alienating his KwaZulu-Natal support base".

Mr Zuma has been accused of conspiring with a wealthy business family, the Guptas, to control lucrative state contracts.

There was widespread local media speculation this week that Zuma's opponents in the ANC's newly elected 80-member national executive committee would raise a motion of no-confidence at its first meeting under new party leader Cyril Ramaphosa.

Since Ramaphosa's narrow party election win in December the currency has gained 8 percent, driven by hopes he would persuade Zuma to step down from the presidency.

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