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With the dollar falling against almost everything on Monday, South Africa’s rand has managed to rack up its biggest one-day loss since Donald Trump’s election.
The rand hit its strongest level against the buck in more than 18 months earlier this morning, but swiftly reversed course after President Jacob Zuma prompted speculation of an imminent cabinet reshuffle by ordering his finance minister to return home from investor trips to London at the last minute.
The currency extended its losses in the afternoon, and was down 2.5 per cent at publication time, to 12.7310.
It has been the best-performing currency in the world over the last 12 months, but suffered repeated setbacks from the president’s long-running power struggle with Pravin Gordhan, the finance minister (as the chart below illustrates).