The South African rand is tumbling following reports that President Jacob Zuma plans to fire his finance minister.
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The South African rand is getting whacked
The rand is tumbling following reports that South African President Jacob Zuma plans to fire his finance minister.
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The currency is down by 1.7% at 12.9929 per dollar as of 8:08 a.m. ET after being down by about 2.9% earlier.
Zuma reportedly told senior leaders of the South African Communist Party that he plans to fire Pravin Gordhan, the country's respected finance minister, Bloomberg's Sam Mkokeli reported earlier on Tuesday, citing "three people with knowledge of the matter."
On Monday, Zuma instructed Gordhan to return immediately from an investor roadshow to Britain and the US "without giving a reason for the decision
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