Rand down to weak­est level

Chronicle (Zimbabwe) - - Business -

to the Daily Mav­er­ick.

The rand plunged as much as 2.9% to 13.9816 per dol­lar, the weak­est level since Au­gust 3, af­ter trad­ing as much as 1.1% stronger ear­lier.

The cur­rency was 1.4% weaker at 18:15 in Jo­han­nes­burg, the worst per­for­mance out of 31 ma­jor and devel­op­ing-na­tion cur­ren­cies mon­i­tored by Bloomberg.

“It’s po­lit­i­cal tur­moil and in­vestors in the in­ter­na­tional mar­ket don’t like the fact that there’s a pos­si­bil­ity that Pravin Gord­han could go as fi­nance min­is­ter,” Wichard Cil­liers, a trader at Trea­sury­one in Pre­to­ria, said by phone.

“They see him as a cred­i­ble fi­nance min­is­ter. That’s why there’s the ini­tial sell­off in the mar­ket and that’s why it’s very jit­tery.”

The Sun­day Times news­pa­per re­ported in May that Gord­han may face dis­missal and ar­rest on es­pi­onage charges for set­ting up the South African Rev­enue Ser­vice’s Na­tional Re­search Group to spy on politi­cians in­clud­ing Pres­i­dent Ja­cob Zuma.

Gord­han de­nied any wrong­do­ing and said he was be­ing ha­rassed by peo­ple in­tent on ma­nip­u­lat­ing the jus­tice sys­tem for po­lit­i­cal gain.

Trea­sury spokesper­son Phumza Ma­canda and Hawks spokesper­son Hang­wani Mu­laudzi didn’t an­swer calls to their mo­bile phones.

Lackay couldn’t im­me­di­ately com­ment when con­tacted by phone. — fin24.

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