The rand weakened against major global currencies shortly after President Jacob Zuma reshuffled his Cabinet on Tuesday morning. In a knee-jerk reaction, the rand lost 0.42% against the dollar and 0.7% against the pound shortly after the announcement. In his second reshuffle in 2017, Zuma replaced ministers in key portfolios such as energy, state security and higher education. Nkosazana Dlamini-Zuma, who was sworn in as an MP last month, was not added to the Cabinet. Among the reshuffled were State Security Minister David Mahlobo, who has been moved to the energy portfolio and Mmamoloko Kubayi, who has been appointed communications minister.
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