Rand Weaker on Report Nene Asked to Be Sacked

South African rand. Picture: Christa Eybers/EWN

The rand was weaker early on Monday, after the Business Day newspaper cited government sources as saying that Finance Minister Nhlanhla Nene had asked President Cyril Ramaphosa to sack him.

The rand was more than 1% weaker at R14.9200 per dollar at 0736 GMT.

Business Day said Nene requested Ramaphosa to relieve him of his duties after he admitted to visiting the home of the Gupta brothers, friends of scandal-plagued former leader Jacob Zuma.

Nene had been under pressure to resign after his testimony at a corruption inquiry last week.

EWN