Rand down in early trade 

The rand continued to fall in early trade on Friday, a day after a public spat about the mandate of the SA Reserve Bank unsettled markets.  

The local currency opened at 14.99 and was trading at R15.10 to the greenback at 08:30, its lowest rate in eight months.

Ramaphosa: Policy on SARB 'has not changed'

President Cyril Ramaphosa issued a statement on Thursday evening reaffirming the mandate of the South African Reserve Bank and describing the current spat as "not helpful".

Describing discussions held at the ANC Lekgotla on 1-3 June, Ramaphosa said: "The Officials emphasised the policy positions of the ANC on the independence and role of the SARB as set out in the Constitution of the Republic of South Africa [which is] protecting 'the value of the currency in the interest of balanced and sustainable economic growth'".