Rand shows signs of slight recovery amid anxiety over Gordhan
It's now around 12.87 to the greenback, 16.16 to the pound and 13.98 to the euro following uncertainty over Gordhan’s future.
JOHANNESBURG – As speculation continues about the future of Finance Minister Pravin Gordhan the rand has recovered a little, settling back below 13 rand to the dollar.
It's now around 12.87 to the greenback, 16.16 to the pound and 13.98 to the euro.
The rand lost another 2% earlier on Tuesday, but has strengthened slightly after weakening to above R13 to the dollar.
Following the decision by the president to summons Minister Gordhan to return to the country - despite being on an investment road show the rand lost more than 70 cents to the dollar.
There was a similar scenario with the rand weakening to about R16 to the pound and above R14 to the euro.
It had been strengthening significantly over the past few weeks.
However, the rand has now strengthened a little with economists hoping that the local currency's decline has stopped at least for now.
(Edited by Masechaba Sefularo)