South Africa's rand weaker on report finance minister has asked to be sacked

  • South African Finance Minister Nhlanhla Nene reportedly requested President Cyril Ramaphosa to relieve him of his duties after he admitted to visiting the home of the Gupta brothers.
  • Nene had been under pressure to resign after his testimony at a corruption inquiry last week.
  • The rand was more than 1 percent weaker at 14.9200 per dollar.
South African Minister of Finance Nhlanhla Nene delivers the 2015 budget speech at the National Assembly in Cape Town on February 25, 2015.
Rodger Bosch | AFP | Getty Images
South African Minister of Finance Nhlanhla Nene delivers the 2015 budget speech at the National Assembly in Cape Town on February 25, 2015.

South Africa's rand was weaker early on Monday, after the Business Day newspaper cited government sources as saying that Finance Minister Nhlanhla Nene had asked President Cyril Ramaphosa to sack him.

The rand was more than 1 percent weaker at 14.9200 per dollar at 0736 GMT.

Business Day said Nene requested Ramaphosa to relieve him of his duties after he admitted to visiting the home of the Gupta brothers, friends of scandal-plagued former leader Jacob Zuma.

Nene had been under pressure to resign after his testimony at a corruption inquiry last week.