Shenanigans surrounding Pravin Gordhan and Thuli Madonsela keep rand down

Finance Minister Pravin Gordhan.Picture: ESA ALEXANDER
Finance Minister Pravin Gordhan.Picture: ESA ALEXANDER

The rand was marginally weaker against the dollar on Friday morning as uncertainty over fraud charges brought against Finance Minister Pravin Gordhan continues to weigh on sentiment.

The local currency was‚ however‚ slightly stronger against other major currencies.

At 8.51am‚ the rand was at R14.2803 to the dollar from R14.2558 on Thursday. It was at R15.7401 to the euro from R15.7632 and R17.4307 to the pound from R17.4712.

The euro was at $1.1022 from $1.1006 previously.

Nedbank Corporate and Investment Banking Group said local markets remained focused on the current set of political dynamics‚ including those around the finance minister‚ the urgent interdict against the release of Public Protector Thuli Madonsela’s report on state capture‚ and the student protests over fees.

All these factors were contributing to nervousness‚ which was reflected in the price of the rand‚ it said.

 

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