South African Rand At 3-week Low Vs Dollar On Nene's Resignation Request
October 08 2018 - 3:39AM
RTTF2
The South African Rand traded lower against the U.S. dollar in
the European session on Monday, after South African Finance
minister Nhlanhla Nene has approached President Cyril Ramaphosa to
fire him amid growing calls for resignation.
Nhlanhla Nene's request came after intense pressure from
political parties over his testimony at the commission of inquiry
into state capture, where he admitted visiting the home of the
Gupta brothers, friends of scandal-plagued former leader Jacob
Zuma.
The South African Rand weakened to 14.9833 against the U.S.
dollar, its lowest since September 17. The pair had ended last
week's trading at 14.7643. The next possible downside target for
the South African currency is seen around the 16.00 region.
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