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Rand extends losses as Gordhan returns

Currencies
Johannesburg - The rand extended losses on Tuesday after President Jacob Zuma ordered Finance Minister Pravin Gordhan to return early from an investor roadshow, sparking speculation of an imminent cabinet shake-up.

Gordhan cut short the roadshow, which had been organised to reassure investors, and flew back yesterday, saying he was still the finance minister when asked about reports that he was about to be sacked.

His recall on Monday rattled investors who see him as a focus of stability.

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File picture: Waldo Swiegers, Bloomberg

The rand has lost nearly 5 percent from a 20-month high of R12.3125 to the dollar on Monday morning. It fell to a session low of R13.115 on Tuesday, before regaining some ground.

At 5pm, the rand was bid at R12.9109 to the dollar, 16.84c softer than at the same time on Monday.

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