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Nene shocker: R16/$ no longer outrageous - economist

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Cape Town - The rand tanked to its lowest level yet against major currencies on Wednesday evening, shortly after President Jacob Zuma removed Nhlanhla Nene as finance minister and replaced him with largely unknown David van Rooyen.

By midnight the rand was trading at R14.94/$ after hitting R15.38 against the greenback within minutes after the announcement. Against the pound and euro, the South African unit was trading at R22.67 and R16.46 respectively.

It however slipped again to below R15/$ in overnight trade in New York, with the unit last trading at R15.03 against the dollar.

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ZAR/USD
15.13
(-0.14)
ZAR/GBP
20.70
(-0.11)
ZAR/EUR
18.42
(-0.11)
ZAR/AUD
11.67
(-0.11)
ZAR/JPY
0.15
(-0.86)
Gold
1855.20
(+0.05)
Silver
25.47
(+0.10)
Platinum
1100.00
(+0.44)
Brent Crude
54.81
(-1.30)
Palladium
2352.23
(+0.52)
All Share
63987.92
(-0.29)
Top 40
58886.26
(-0.14)
Financial 15
11685.83
(-2.13)
Industrial 25
86576.24
(+1.21)
Resource 10
62699.98
(-1.34)
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