President Jacob Zuma

Johannesburg - South Africa's President Jacob Zuma said on Tuesday the country's fiscal policy would remain unchanged.

This comes after his cabinet reshuffle.

He also assured that his ministers would reach out to international investors to assure them of this after S&P downgraded the country's credit level to "junk".

Zuma dismissed the respected Pravin Gordhan as finance minister in a midnight cabinet reshuffle on Thursday that shocked local markets and triggered protests from within his own party, business and opposition parties.

Read also: Who is our new Finance Minister?

The rand pared some its losses after Zuma's remarks in a speech at a function held at state-owned Transnet.