The South African Rand has was punished on news that Finance Minister Pravin Gordhan had been sacked by Jacob Zuma during a cabinet reshuffle. Gordhan had brought stability to financial markets after a period of high volatility when one finance minister was replaced by another in quick succession. We think this is bad for the market and for SA," Nomura emerging markets analyst Peter Attard Montalto said in a note. The latest political machinations have reignited fears the country's credit rating could fall to junk status - at the moment it is teetering just above in investment grade but ratings' agencies have repeatedly warned that further political infighting or turmoil could tip it over the edge.

The country's bond markets reacted turbulently to the news by pricing in a substantial increase in risk reflected in rising yields.

In the UK, equity markets fell as resource stocks and companies with heavy exposure to South Africa slumped. Mondi and Anglo American were also in the top 5 fallers on the FTSE in early trading as the market felt the Gordhan effect. Miners were generally off colour on softer metal prices. In Germany shares in Steinhoff, the South African retail giant that recently bought Poundland, were off by about 3.

The Rand has pared some of its earliest losses and is well off its lows against the Dollar, Pound and Euro. If so, then a bigger reaction is likely this morning: But they too might have been too complacent.

As such, the risks in our view are still for far bigger losses than suffered so far," says Cairns.

The Rand is falling against the Pound due to political and economic risks as the new trading week begins. Unfortunately for those anticipating a stronger South African Rand, the momentum indicator MACD has been going sideways and not confirming the new downtrend.

It would be easy to suggest ZAR is outperforming owing to a review by Fitch Ratings, but RMB are sceptical that this is the driver behind ZAR at present. The news and information contained on this site is by no means investment advice. We intend to merely bring together and collate the latest views and news pertaining to the currency markets - subsequent decision making is done so independently of this website.

British Pound (GBP) to South African Rand (ZAR) exchange rate history

All quoted exchange rates are indicative. All Content by Pound Sterling Live. Data Currencies GBP Pairs EUR pairs AUD pairs USD pairs CAD pairs NZD pairs ZAR pairs. Far Bigger Losses Could Lie Ahead Warn RMB Modified: Friday, 31 March Charges were subsequently dropped, however. This could mean more upside for the Pound versus the Rand.

Live Exchange Rates - GBP/ZAR | OANDA

Bigger Losses Ahead The Rand has pared some of its earliest losses and is well off its lows against the Dollar, Pound and Euro. Concerning the outlook, Cairns does however warn of further potential losses.

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