CABINET RESHUFFLE
Rand is off weakest level as Gordhan says intelligence report is total ‘nonsense’
This intelligence report has been given as the reason Pravin Gordhan was recalled by President Jacob Zuma from an overseas investor roadshow on Monday
The rand was weaker against the dollar in midday trade on Friday but was off intraday weakest levels, as the fall-out from the shock overnight axing of Finance Minister Pravin Gordhan continued to reverberate through markets. The rand trended firmer on a news conference held by the outgoing minister, Pravin Gordhan, at the Treasury in Pretoria, in which he refuted the charges levelled against him in a rogue intelligence report as "absolute nonsense". The intelligence report has been given as the reason Gordhan was recalled by President Jacob Zuma from the overseas investor roadshow on Monday, and his replacement with Malusi Gigaba on Thursday. At 11.48am the rand was at R13.3768 against the dollar from R13.2644. It reached an intraday weakest level of R13.6282/$ after Gigaba’s appointment. The rand was at R14.2843 against the euro from R14.1566, and was at R16.6553 against the pound from R16.5395. The euro was at $1.0678 from $1.0673. "Technical trading for the domestic unit would l...
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