The rand was slightly weaker against major currencies on Tuesday morning as political risk remained high, after the National Prosecuting Authority withdrew the fraud charges against Finance Minister Pravin Gordhan. At 11.34am‚ the rand was at R13.5366 to the dollar from Monday’s R13.4711. It was at R14.8855 to the euro from R14.7869 and R16.5793 to the pound from R16.4860. The euro was at $1.0997‚ from $1.0977. President Jacob Zuma’s application to stop the publication of the public protector’s state capture report was being heard in court on Tuesday. The report details the outcomes of investigations into complaints of improper conduct by Zuma and any other people in relation to the Gupta family. Rand Merchant Bank analyst Isaah Mhlanga warned that this meant "further political shocks are almost a certainty". Investors were waiting for US manufacturing data due for release later on Tuesday, which was expected to show a moderately expanding manufacturing sector. Markets were also foc...
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