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Rand shocks markets, regains third of losses since Gordhan recall

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Cape Town – The rand rallied by 2.7% on Wednesday gaining 40c against the dollar, surprising currency analysts in South Africa and regaining almost a third of its losses since former finance minister Pravin Gordhan was recalled from the UK and then fired.

“It is quite a strange feeling in the market this morning, with the rand having its best day in six months yesterday,” said TreasuryOne dealer Andre Botha on Thursday.

“Breakout,” exclaimed Rand Merchant Bank analyst John Cairns on Thursday.

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