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UPDATE: Rand loses 4% on Gordhan sacking, imminent #Cabinetreshuffle

At 6pm, the rand was trading at R12.81 to the dollar at 6pm before weakening to 13.35 at 11:30pm

Picture: Pixabay.com.

JOHANNESBURG - The rand has weakened around 4 percent on news of President Jacob Zuma’s imminent Cabinet reshuffle.

Zuma has already fired Pravin Gordhan as Finance Minister, with former ANC Youth League Malusi Gigaba tipped to replace him.

It’s being reported that at least nine ministers, as well as six deputy ministers, may be sacked.

At 6pm the rand was trading at R12.81 to the dollar - this was shortly before Zuma was due to meet the other five members of the ANC's top six. By 10:26pm the currency had weakened to R13.27, before dropping further to R13.35 at 11:28pm.

On Monday, Gordhan and his erstwhile deputy Mcebisi Jonas were recalled from an international investor roadshow in Britain and the United States.

The Presidency said Zuma would make a special announcement on changes to the National Executive soon.

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