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Forex News: South African Rand Trades At Near 2-month Low

South African Rand Trades At Near 2-month Low Vs Dollar After Gordhan's Removal

03/31/2017 - 04:48:00 (RTTNews)

(RTTNews) - The South African Rand traded lower against the U.S. dollar in the early European session on Friday, after the nation's President Jacob Zuma removed finance minister Pravin Gordhan in a cabinet reshuffle, raising fears of a split in the ruling African National Congress.

Gordhan was replaced with Malusi Gigaba, who was serving as the home affairs minister.

The Rand has been falling since Monday, when Zuma ordered Gordhan to return home from a trade trip to Britain.

The South African Rand fell to near a 2-month low of 13.62 against the U.S. dollar, and held steady thereafter. The pair ended Thursday's trading at 13.29.

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