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ZAR trading at 11.08 to the dollar | Sarb's Gill Marcus to step down

The rand reached 7 month low against the dollar on Friday of R11.11. At the time of writing, the rand is currently trading at 11.08 to the US Dollar, 14.25 to the Euro and 18.11 to the Pound.

Movements in the market can be attributed to, among other things, the announcement that Gill Marcus, the South African Reserve Bank (Sarb) Governor will be stepping down in November. There is talk from traders that this could lead to uncertainty for investors regarding the future of monetary policy. The announcement took the South African Government by surprise, who have yet to choose a successor. President Jacob Zuma and Finance Minister Nhlanhla Nene have stated that they will be naming someone soon to assume the position once Marcus steps down. Two possible candidates are Deputy governors of the Reserve Bank Lesetja Kganyago and Daniel Mminele.

Interbank ZAR Mid-market rates: 2014-09-22 (08:26 UTC)

USDZAR 11.0874
GBPZAR 18.1143
EURZAR 14.2564
CADZAR 10.1238
AUDZAR 9.8739
NZDZAR 9.0150

Watch out for Eurozone ECB's Draghi later today (02h00 PM BST) as he attends a meeting of the European Parliament's Economic and Monetary Affairs Committee to debate monetary policy settings and economy.
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