Cabi­net reshuf­fle spec­u­la­tion hits rand

The Star Early Edition - - MARKETS - Reuters

THE RAND weak­ened yes­ter­day, dragged lower by re­newed spec­u­la­tion that Pres­i­dent Ja­cob Zuma might reshuf­fle his cabi­net, a move that could re­move Pravin Gord­han as fi­nance min­is­ter.

At 5pm, the rand was bid at R13.5805 to the dol­lar, 11.12c softer than at the same time on Fri­day. It had reached a low of R13.6875 ear­lier, af­ter ru­mours on Fri­day that top min­is­ters might be sacked hit de­mand for the cur­rency and for lo­cal bonds.

In court doc­u­ments yes­ter­day, Gord­han ac­cused the Gupta broth­ers, a trio of wealthy busi­ness­men with ties to Zuma, of car­ry­ing out an “or­gan­ised cam­paign” against him and the Trea­sury.

Mean­while, bonds were weaker yes­ter­day, with the bench­mark bond due in 2026 adding climb­ing.

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