Ahead of a cabinet reshuffle by President Cyril Ramaphosa expected later today, South Africa’s rand weakened in early trade on Monday.
The rand traded at 18.1750 against the dollar at 06:42 GMT, 0.19% weaker than its previous close.
Presidential spokesman Vincent Magwenya said this weekend that Ramaphosa will announce changes to the national executive at 7:00 p.m. (1700 GMT) on Monday.
Among the new positions expected are electricity minister and deputy president David Mabuza‘s replacement following the announcement by the presidency on Wednesday.
Financial markets intelligence experts, ETM Analytics said the rand’s underperformance in comparison with other emerging market currencies this year is impacted by investors’ underwhelming sentiment towards South Africa.
“There is no clear indication that this will change in the short term, although the rand may receive a minor bump higher if Ramaphosa shrinks the size of his cabinet,” ETM added.
The government’s benchmark 2030 bond was stronger in early deals, with the yield down 1.5 basis points to 10.125%.
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