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Rand Gains as Prosecutor Says Open to Review of Gordhan Charges

  • NPA head tells lawmakers decision to summon Gordhan wasn’t his
  • ‘You can’t script this stuff,’ currency trader Cilliers says
Bloomberg business news

South Africa's Fuzile on Gordhan, Investor Confidence

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The rand strengthened the most in more than two weeks after the head of South Africa’s National Prosecuting Authority said he is willing to reconsider the decision to charge Finance Minister Pravin Gordhan with fraud.

The currency jumped as much as 2.5 percent against the dollar, the most since Sept. 27, and was 0.6 percent stronger at 14.2832 by 5:32 p.m. in Johannesburg. It earlier weakened as much as 0.8 percent, falling for a second day after Gordhan said Tuesday he had been summoned to appear in court. Benchmark South African government bonds also reversed their losses, the yield falling 3 basis points to 8.9 percent.