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Rand recovers slightly after 4% drop

At around 5pm, the local currency settled back and was trading around R15.92 to the dollar.

South African rand. Picture: Christa Eybers/EWN
Rand,Finance Minister Pravin Gordhan,SARS
Business Local

JOHANNESBURG - The rand has managed to recover slightly after dropping four percent on Friday.

Finance Minister Pravin Gordhan said there were attempts by some to discredit him with reports of a clash with the South African Revenue Service (Sars) Head Tom Moyane which sent the rand above the R16 to the dollar level. 

However, at around 5pm, the local currency has settled back and was trading around R15.92 to the dollar.

Questions were raised after the rand recovered substantially in the run-up to the Budget speech, but then lost ground thereafter.

The downgrading by Moody's of Brazil to junk status was seen as one of the reasons for a weaker rand. 

But then on Friday, Minister Gordhan released a statement saying there were attempts to discredit him and the Treasury; this caused the rand to lose major ground.

However, the local currency has firmed a little today, regaining just under one percent earlier. 

Reports say investors remain cautious with many now taking a wait-and-see position.

(Edited by Winnie Theletsane)

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