The rand has been trading marginally firmer against major currencies following President Cyril Ramaphosa‘s executive announcement and concerns about global trade issues.
Ramaphosa announced a leaner 28 member cabinet.
Globally, the US and China are continuing with their trade war and this is dampening economic sentiment.
The rand is currently trading at around R14.62 to the dollar.
“We have seen positive rebound from the rand from what I believe was an over-done decline. Whether we can attribute this wholly to the appointment of the new Cabinet is a bit doubtful because I believe that global events right now are the key driver of the rand,” says Nedbank Economist, Isaac Matshego.