Rand regains composure after bruising few days
Local currency is slightly firmer on Thursday morning, but remains vulnerable to news flow around the fate of Finance Minister Pravin Gordhan
The rand regained some lost ground on Thursday morning, but remained vulnerable to news flow around the fate of Finance Minister Pravin Gordhan. Investors will pay close attention to a post-Cabinet media briefing later in the day. The briefing is expected to shed light on what was discussed during the meeting on Wednesday. Speculation reached fever pitch this week that Gordhan and his deputy, Mcebisi Jonas, would lose their jobs in a Cabinet shuffle, which is seen by many as a political witch-hunt. The developments came after President Jacob Zuma on Monday unceremoniously recalled the two officials from an overseas investor trip without providing reasons.
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