Economists warn rand could slip further

Monday, 03 April 2017, 09:19
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Economists warn rand could slip further
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BUSINESS NEWS - Currency traders have been cautioned that the rand may come under further pressure as the political battle continues over the future of President Jacob Zuma.

Opposition parties have called for the president to step down while members of the African National Congress (ANC) have voiced their concerns at the reshuffle.

The local currency lost around 6% on Friday after Finance Minister Pravin Gordhan was fired.

The rand traded at around R12.30 to the dollar last Monday before Gordhan was told to return home during an international investor road show.

As the week progressed and Zuma then reshuffled his Cabinet, the rand weakened to around R13.40.
 

Read more about: rand economy pravin gordhan

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