Former Reserve Bank governor Tito Mboweni has been named Finance Minister by President Cyril Ramaphosa.
JOHANNESBURG - The rand weakened past R15 to the dollar for the first time in three weeks, putting pressure on banking shares.
The local currency started making gains in the afternoon as speculation mounted that former Reserve Bank governor Tito Mboweni would replace Nhlanhla Nene as Finance Minister.
President Cyril Ramaphosa on Tuesday announced that he had accepted the resignation of Nene and confirmed Mboweni as the new man at the helm.
Following the news, banks and retailers reversed earlier losses to close higher, as the rand firmed bout 30c to the dollar.
The rand strengthened to about R14,66 against the dollar after close.