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South Africa’s currency came under heavy selling pressure late on Thursday in New York as President Jacob Zuma shook up his cabinet in a move that was expected to include the dismissal of Pravin Gordhan as finance minister.

The rand was down 1.8 per cent at the 5pm fix, and fell another 0.2 per cent in recent trading to ZAR13.30. The currency has gyrated since Mr Zuma abruptly recalled Mr Gordhan from an investors roadshow.

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