The rand was firmer against the dollar on Wednesday afternoon, regaining some of the losses it suffered from the fears of a possible Cabinet reshuffle. The rand started the week at a 20-month best of R12.31/$ but closed 2.67% lower on Monday, after President Jacob Zuma ordered Finance Minister Pravin Gordhan and his deputy, Mcebisi Jonas, to return to SA from an international investor road show. This immediately sparked fears of a possible Cabinet reshuffle. Struggle stalwart Ahmed Kathrada’s funeral was held earlier on Wednesday. Rand Merchant Bank analyst John Cairns said that respect for this might have been one of the reasons the President had not acted against Gordhan yet. Kaon Capital CEO Luke Alers said the rand’s movements were going to be "choppy" as it waited for news, but would not stay at current levels. "It could move in either direction on political news flow. So it is adopting a wait-and-see approach." At 15.30 the rand was at R12.9509 to the dollar from R12.9901, at ...
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