The rand was weaker at midday on Wednesday but off weakest intraday levels of the morning, as the market awaited new developments surrounding the position of Finance Minister Pravin Gordhan. Speculation was that Gordhan would be removed after a Cabinet meeting later on Wednesday, in which a Cabinet reshuffle by President Jacob Zuma was expected. The appointment of Nkosazana Dlamini-Zuma to the Cabinet has been mooted. "Without any major surprises, the rand was likely to consolidate at present levels as investors both domestically and abroad remain nervous," said TreasuryOne dealer John Moni. The market was likely to be volatile. "We can only hope that saner heads prevail," he said. At 11.40pm the rand was at R13.0828 from a previous close of R12.9901 after weakening to R13.1305 in the morning. The rand was at R14.1162 against the euro from R14.045 and at R16.2639 against the pound from R16.1744. The euro was at $1.079 from $1.0812. The uncertainty about Gordhan’s position has hit se...
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