The Rand has been buoyed by positive sentiment since last week’s Budget speech and rumours of a Cabinet reshuffle on the cards at the ANC National Executive Committee. Further support was expected during and after last night’s reshuffling of Malusi Gigaba and the reappointment of Nhlanhla Nene as Finance Minister.
While the news has been well received by markets and local South Africans alike, the Rand remained relatively muted. In the early afternoon it even slipped to a two-day low to the USD. The Rand is still trading between R11.50 and R11.65 against the US Dollar, but pressure is coming as the greenback attempts to repair some of the weakness it experienced in recent weeks.
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Along with appointing Nene, Ramaphosa also appointed Pravin Gordhan to ove

