Rand recoils as Zuma recalls finance minister

South Africa's rand tumbled sharply on Monday after finance minister Pravin Gordhan was recalled by President Jacob Zuma.

The President "did not give permission" for Gordhan's trip to a 'non-deal international investor roadshow' in London before moving onto the US, Bloomberg reported.

Local media in South Africa reported that a reshuffle in the finance ministry appeared to be imminent.

The rand, which had just climbed above the $0.08 mark for the first time since July 2015, fell more than 2% to 0.0792 on Monday morning.