The South African Rand retreated from its early highs against the U.S. dollar in the European session on Wednesday, following news that the ruling ANZ party backed President Jacob Zuma after calls from his allies for resignation, fueled by a deeply unpopular cabinet reshuffle.

The rand that rose to a 2-day high of 13.46 against the greenback in early deals eased to 13.86 and held steady thereafter. The pair ended Tuesday's trading at 13.62.

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