The rand extended losses against major global currencies shortly after President Jacob Zuma made a surprise reshuffle to his Cabinet. In a knee-jerk reaction, the rand lost about 5c to the dollar shortly after the announcement, but had already been on the back foot against the greenback. Herenya Capital Advisors analyst Petri Redelinghuys said despite the clear reaction, it was not in line with previous such political moves. Larger risks that could move the rand remained that of a possible sovereign credit-rating downgrade, and the ANC elective conference in December, he said. In his second reshuffle this year, Zuma replaced ministers in key portfolios such as energy, state security and higher education. Nkosazana Dlamini-Zuma, who was sworn in as an MP in September, was not added to the Cabinet. Former higher education minister and SACP general secretary Blade Nzimande was removed from his post and replaced with Hlengiwe Mkhize. The move prompted criticism of Zuma, including from A...
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