The rand weakened significantly to R13.35 to the dollar after reports emerged on Thursday night that Finance Minister Pravin Gordhan had been fired and would be replaced by Home Affairs Minister Malusi Gigaba. The dismissal came after a meeting of the top six members of the ANC at Zuma’s private residence in Pretoria. The rand fell to the weakest level against the dollar since March 10. The currency weakened 2.4% to 13.3567 per dollar by 11.30 pm in Johannesburg. The rand was on much better footing in late afternoon trade on Thursday, after the Reserve Bank kept the repurchase rate unchanged in line with the market forecast. Viewed as one of the most liquid currencies, the rand flirted with R12.80/$, which marked a significant turnaround from session lows of R13.11/$. At 4.13pm, the rand was at R12.8212 to the dollar from a previous close of R13.0388. It was at R13.7692 against the euro from R14.0369 and at R16.0373 against the pound from R16.2161. Gordhan’s dismissal marked the end...
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