Rand shows slight recovery following Gordhan appointment

The Johannesburg Stock Exchange

The Johannesburg Stock Exchange (JSE) building in Sandton. It has operated as a market place for the trading of financial products for nearly 125 years.

JOHANNESBURG -- The rand is showing a slight recovery following President Jacob Zuma&39;s announcement on Sunday evening that he had appointed Pravin Gordhan as new finance minister.

The currency recovered by about 80 cents before markets opened on Monday morning, showing restored confidence.

The rand on Friday reached a new low, trading at R16,04 against the dollar, and R24 to the pound.

Gordhan was reappointed just four days after David van Rooyen took over from Nhlanhla Nene.

The Presidency announced in a statement that Gordhan and Van Rooyen would be switching portfolios.

Nene’s removal resulted in the rand’s dip last week and was widely critised.

The Cabinet’s economics cluster is Tuesday meeting to discuss the country’s credit rating and falling currency.

You can read President Zuma&39;s full statement on the appointment of Pravin Gordhan in the window below.

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