The rand was steady at midday on Friday, despite other emerging-market currencies trending lower as a US missile strike in Syria spooked investors wary about the risk of a clash with Russia. Local traders were pausing to reflect on the their positions after an eventful week dominated by the fallout from the recent Cabinet shake-up, which included the axing of finance minister Pravin Gordhan and a subsequent rating downgrade of the country’s credit rating to subinvestment grade by S&P Global Ratings. The events shook investor confidence and sent the rand into a tailspin. Since Gordhan’s recall from an international investor roadshow in the UK on March 27, prior to his sacking, the local currency has shed more than 11%. Before then, the rand had been on a strengthening path, touching R12.31/$ before sliding back to almost R14/$ this week. Thousands of South Africans took to the streets countrywide on Friday to protest against President Jacob Zuma, demanding that he quit in the wake of...

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