Rand loses ground as Pravin Gordhan says he is not ‘indispensable’
The nomination of former Eskom CEO Brian Molefe to Parliament added to speculation of an imminent Cabinet reshuffle
The rand extended its losses against the dollar at midday on Tuesday on a stronger dollar and ahead of Finance Minister Pravin Gordhan’s budget speech to Parliament on Wednesday. The nomination of former Eskom CEO Brian Molefe to Parliament added to speculation of an imminent Cabinet reshuffle, sending the local currency lower in jittery trade. This sentiment was further worsened on comments by Gordhan that he was not "indispensable". Talk about the possibility that Molefe could be appointed finance minister has increased, with a Cabinet job for Nkosasana Dlamini-Zuma also said to be in the offing. "With the budget speech this week and political noise around the event, the recent rand rally may have hit a temporary pause," Standard Bank trade Oliver Alwar said.
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