THE rand weakened materially again on Thursday morning as worry over the future of Finance Minister Pravin Gordhan weighed on sentiment. The local currency has been the casualty as the months-long battle between Gordhan and the National Prosecuting Authority (NPA), which took another twist this week, with the latter ordering the minister to appear in court in November on fraught charges. The rand enjoyed a reprieve on Wednesday as NPA boss Shaun Abrahams mentioned in Parliament that he could review the charges. Considered a risk currency, the rand regained as much as 50c against the dollar before losing ground again on Thursday morning. "The rand had a temporary surge late yesterday as the NPA seemingly opened the door to dropping charges against Gordhan. Gains did not hold, however, and rightly so: we see it as highly unlikely that the case will now suddenly disappear," Rand Merchant Bank currency strategist John Cairns said. The charges Gordhan faces relate to the early retirement...
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