Rand rallies to a two-month best level after withdrawal of Gordhan charges
The rand reached its best level in two months against the dollar after the National Prosecuting Authority (NPA) withdrew fraud charges against Finance Minister Pravin Gordhan. At 11.32 am‚ the rand was at R13.6366 to the dollar from Friday’s R13.8143. It was at R14.9373 to the euro from R15.1759 and R16.6076 to the pound from R16.8334. The euro was at $1.0954‚ from 1.0986. At a media briefing on Monday before midday, NPA head Shaun Abrahams said that he had decided to overrule the decision to prosecute the minister. Abrahams said the charges, which were also laid against former South African Revenue Services officials Oupa Magashula and Ivan Pillay were to be withdrawn with "immediate effect". Rand Merchant Bank analyst Neville Mandimika said the announcement of the charges being dropped would be positive for the rand even though the rand premium would "be lower than what it was when the summons was issued and even before the Nene-gate".
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