"There is no clear indication that this will change in the
short term, although the rand may receive a minor bump higher if
Ramaphosa shrinks the size of his cabinet," ETM added.
The government's benchmark 2030 bond was stronger
in early deals, with the yield down 1.5 basis points to 10.125%.
(Reporting by Anait Miridzhanian; Editing by Sherry
Jacob-Phillips)
JOHANNESBURG, March 6 (Reuters) - South Africa's rand
weakened in early trade on Monday ahead of a cabinet reshuffle
expected this afternoon, where President Cyril Ramaphosa is
likely to name a new deputy.
At 0642 GMT, the rand traded at 18.1750 against the
dollar, 0.19% weaker than its previous close.
President Ramaphosa will announce changes to the national
executive at 7:00 p.m. (1700 GMT) on Monday, presidential
spokesman Vincent Magwenya said this weekend.
The Presidency announced David Mabuza's resignation from the
post of deputy president on Wednesday. The new position of
electricity minister is among the roles to be filled.
ETM Analytics said in a note that investor sentiment towards
South Africa remains poor, which is reflected in the rand's
underperformance in comparison with other emerging market
currencies this year.
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