South Africa's rand hovered around a record low on Thursday following the dismissal of the country's finance minister, but more pain for the currency is expected when the Federal Reserve raises interest rates, according to analysts.
On Thursday morning the rand continued to weaken against the greenback with the dollar worth 15.2405 of the South African currency by midday London time. This compared to its close of 14.9748 in New York.
On Wednesday, South African equities declined and the currency fell to a record low of 15.30 after South African President Jacob Zuma surprised markets by removing Finance Minister Nhlanhla Nene from his post, replacing him with a "relatively unknown member of parliament," according to Reuters.
Showing that the move was not a popular one, the hashtag #ZumaMustFall started trending on Twitter with social media users saying that the increasingly unpopular Zuma, and his ANC (African National Congress) party, were not acting in the best interests of the country. Many Twitter users also called for him to go.