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The rand, which has been one of the best performing emerging-market currencies so far this year, held steady on Friday morning, signalling a thumbs up for newly appointed finance minister Enoch Godongwana, who replaced Tito Mboweni after a sweeping cabinet reshuffle.

On Thursday night, the local currency fell as much as 2.68% against the dollar before quickly recovering as President Cyril Ramaphosa announced changes to his cabinet, ending weeks of speculation...

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