The South African rand trims its losses as Finance Minister Pravin Gordhan flies back into South Africa after his abrupt recall by President Zuma. But as David Pollard reports, media speculation that Gordhan was about to be sacked kept it sharply down against the dollar.
Pravin Gordhan returns - his abrupt recall by President Zuma raising speculation a finance minister credited with restoring faith in the economy was about to be a minister no more. (SOUNDBITE) (English) PRAVIN GORDHAN, SOUTH AFRICAN FINANCE MINISTER, SAYING: "The president is my boss, so if he asks us to come back, we must come back." And no doubt hoping confidence in the rand has made the journey back with him from an investors' conference in the UK. After Monday's sharp fall, the South African currency was down around two per cent. One report even suggesting the leadership of the ruling ANC had approved his removal. (SOUNDBITE) (English) CHIEF INVESTMENT OFFICER, CCLA INVESTMENT MANAGEMENT, JAMES BEVAN, SAYING: "Given that the rand has been very strong over the last year, there has been a vote of international confidence. All of that might now go back into the hopper, and were that to be happen, the progress that has been made would be at risk." (SOUNDBITE) (English) PRAVIN GORDHAN, SOUTH AFRICAN FINANCE MINISTER RESPONDING TO JOURNALIST ASKING IF HE IS STILL FINANCE MINISTER, SAYING: "Yes I am. I'll see you later..." Gordhan himself says he's still in the job. Returning on the very day a hearing began related to the financial affairs of South Africa's powerful Gupta brothers. Their close relationship with Zuma has raised questions over influence peddling. The case itself a source of tension between Zuma and his finance minister - prompting some to ask whether a power struggle between the two is now coming to a head.