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South Africa's rand weakens 1 percent on cabinet reshuffle reports

Reuters

JOHANNESBURG (Reuters) - South Africa's rand weakened more than 1 percent early on Monday in what one trader said was fresh risk aversion amid rumors of a cabinet reshuffle. At 0800, the local unit traded 1.13 percent weaker at 13.6175 against the dollar. "Risk sentiment is taking a bit of a knock following the latest political developments on possible cabinet reshuffle on the domestic front," Jana van Deventer, a trader at ETM said. The rand weakened on Friday, hurt by media reports that President Jacob Zuma was considering firing ministers who backed calls for his resignation in November. [nL8N1DU0JJ] (Reporting by Tiisetso Motsoeneng; Editing by James Macharia)