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South African Rand Sinks to Three-week Low Amid Political Woes

South Africa’s rand dropped to its weakest level against the dollar in nearly a month amid uncertainty surrounding the future of its finance minister.

On Monday pressure mounted on President Cyril Ramaphosa to remove Nhlanhla Nene from office for failing to disclose meetings with the Guptas, the family at the centre of South Africa’s biggest post-apartheid scandal. Mr Nene apologised last week for holding private discussions with the family at the peak of their alleged influence on state contracts.

Mr Ramaphosa, who has spoken to Mr Nene, said he will make a decision “in due course”, Reuters said, quoting the EWN news service.

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The rand on Tuesday fell more than 1 per cent to as low as R15.04 against the dollar, its weakest level since September 17. The South African currency, one of the most heavily traded emerging markets currencies, has been declining since September 27 amid a broader trend among investors against that asset class.

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Written by MT

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