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Market Extra: South African rand rocked lower as finance minister faces fraud charges

South Africa’s currency sank Tuesday, rattled as the country’s finance minister was set to face fraud charges.

Finance Minister Pravin Gordhan was summoned to appear in court in next month, news reports said Tuesday.

The news pushed the U.S. dollar USDZAR, +3.5177% up more than 3% against the rand, the most freely traded currency from the African continent. The greenback fetched as much as 14.337 rand, the most since mid-September, according to FactSet. It later pared the gain to around 14.267 rand.

Gordhan will be charged for approving early retirement for the former deputy commissioner of the South African Revenue Service, Ivan Pillay, then re-naming him as a consultant, said the head of the National Prosecuting Authority, Shaun Abrahams, who held a press conference Tuesday, Reuters reported.

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