Cabinet reshuffle, downgrade knock rand's emerging markets crown

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Johannesburg – The rand is no longer the best performing emerging market currency after losing more than 9% of its value against the US dollar, economist Kevin Lings said.

In a review of the currency, he pointed out that the rand was the best performing emerging market currency since the beginning of the year, having gained 10.1% against the dollar.

However, since March 27 when President Jacob Zuma recalled former finance minister Pravin Gordhan from an international investor roadshow, heightening speculation of a Cabinet reshuffle, the rand started losing ground.

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Rand - Dollar
15.86
-0.1%
Rand - Pound
21.02
-0.1%
Rand - Euro
17.91
-0.3%
Rand - Aus dollar
11.31
-0.2%
Rand - Yen
0.14
-0.1%
Gold
1,789.54
+0.3%
Silver
22.50
-0.0%
Palladium
1,875.96
+1.2%
Platinum
967.64
+1.1%
Brent Crude
75.44
+3.2%
Top 40
66,514
0.0%
All Share
72,939
0.0%
Resource 10
70,120
0.0%
Industrial 25
96,001
0.0%
Financial 15
14,195
0.0%
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