Rand thrives following dropping of charges against Pravin Gordhan
The gains were expected as speculation mounted that the fraud charges would be dropped against the finance minister and his two co-accused
The rand extended its gains against the dollar into the afternoon, reaching an intraday best level of R13.51 in reaction to the National Prosecuting Authority’s withdrawing its charges against Finance Minister Pravin Gordhan. The gains were expected as speculation mounted that the fraud charges against the minister and his co-accused would be dropped. At 3.31pm, the rand was at R13.5548 to the dollar from Friday’s R13.8143. It was at R14.8417 to the euro from R15.1759, and R16.4808 to the pound from R16.8334. The euro was at $1.0949, from $1.0986. Investec economist Annabel Bishop said the uptick in the rand from the middle of last week had suggested that the charges would be dropped. "Essentially, markets were relieved that Pravin Gordhan remained in position to deliver [the medium-term budget policy statement]," said Bishop. TreasuryOne currency dealer Andre Botha said the rand was rising to the levels it traded at before "the whole Pravin Gordhan saga began". "On the whole, the e...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.