The South African Rand traded lower against the U.S. dollar in the European session on Monday, after South African Finance minister Nhlanhla Nene has approached President Cyril Ramaphosa to fire him amid growing calls for resignation.
Nhlanhla Nene’s request came after intense pressure from political parties over his testimony at the commission of inquiry into state capture, where he admitted visiting the home of the Gupta brothers, friends of scandal-plagued former leader Jacob Zuma.
The South African Rand weakened to 14.9833 against the U.S. dollar, its lowest since September 17. The pair had ended last week’s trading at 14.7643. The next possible downside target for the South African currency is seen around the 16.00 region.