SEE MORE: Political Volatility Could Weigh on South Africa ETF

The rand currency declined as much as 2.9% to $13.9816, its weakest since August 3, after trading positive 1.1% earlier. The weakening rand also dragged on the iShares MSCI South Africa ETF, which is not hedged against currency risks.

Gordhan has been reportedly facing dismissal and arrest on espionage charges for setting the South African Revenue Service’s National Research Group to spy on political figures including President Jacob Zuma.

For more information on the South African market, visit our South Africa category.

iShares MSCI South Africa ETF