The rand held gains made ahead of President Cyril Ramaphosa's announcement on Tuesday afternoon that former Reserve Bank Governor Tito Mboweni would be the new finance minister.
Ramaphosa made the announcement from Tuynhys in Parliament. Mboweni is replacing Nhlanhla Nene with immediate effect.
The rand was trading 0.67% stronger at R14.75 ahead of Ramaphosa's announcement, having firmed on speculation that Mboweni would get the post. At 16:56, after the president made the announcement, it was changing hands at R14.76 to the greenback.
The currency had opened the day at R14.84/$. In the early afternoon it weakened to briefly trade under R15/$ on a combination of uncertainty around Nene's fate and dollar strength.
*More to follow.
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