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.