South Africa’s rand, which had been the world’s best-performing
currency in 2017, gave up all its gains in just a week after President Jacob
Zuma recalled Pravin Gordhan from meeting investors in London and replaced him
as finance minister in a midnight cabinet shuffle, spurring S&P Global
Ratings and Fitch Ratings Ltd. to downgrade the nation’s debt to junk.
The rand
had appreciated 11 percent in 2017 until the March 27 recall, and has now
erased almost all its gains this year for the biggest decline among more than
140 currencies monitored by Bloomberg.
Source: Bloomberg
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