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Rand rallies after Gordhan says he won't quit

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Johannesburg - The rand rallied against the dollar on Friday after Finance Minister Pravin Gordhan described fraud charges against him as frivolous and said he intended to continue in his job.

Stocks rose, led by heavyweight Naspers - Africa's biggest listed company - which gained on news of plans to sell assets to repay debt and fund new acquisitions.

Investors have been worried that Gordhan, a market favourite, could be removed from his job over the charges, impeding efforts to revive economic growth and raising the risk of a sovereign credit rating downgrade to junk status.

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