Rand Falls as Markets Expect Gordhan to Leave Office

The South African Rand dropped today amid speculations that Finance Minister Pravin Gordhan will leave his office.

There are speculations that President Jacob Zuma is going to fire Gordhan. It was not a secret that the President and the Finance Minister were in conflict. Markets liked Gordhan, considering him an emblem of stability, therefore prospects for the minister leaving his post made investors nervous.

USD/ZAR rose 0.77% to 13.0915 as of 10:29 GMT today.

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