South Africa's rand weakens on cabinet reshuffle reports

PUBLISHED: Mon, 30 Jan 2017 08:40:34 GMT

South Africa’s rand weakened more than 1 percent early on Monday in what one trader said was fresh risk aversion amid rumors of a cabinet reshuffle.

At 0800, the local unit traded 1.13 percent weaker at 13.6175 against the dollar.

“Risk sentiment is taking a bit of a knock following the latest political developments on possible cabinet reshuffle on the domestic front,” Jana van Deventer, a trader at ETM said.

The rand weakened on Friday, hurt by media reports that President Jacob Zuma was considering firing ministers who backed calls for his resignation in November.

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