The rand reversed losses on Wednesday and was slightly firmer after President Cyril Ramaphosa announced a new cabinet that retained ministers in key positions, such as public enterprises and finance, as he tries to root out corruption and implement reforms.

The rand was flat ahead of Ramaphosa’s delayed address, but strengthened about 0.4% to R14.67/$ after the announcement, about 22c off its intraday low of R14.8935/$...

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