The rand gained 0.5% against the dollar on Wednesday evening in the wake of President Cyril Ramaphosa's announcement of his new Cabinet.

Ramaphosa, speaking from the Union Buildings in Pretoria in a televised address, announced that Pravin Gordhan would stay on as minister of public enterprises.

Tito Mboweni retained his position as minister of finance.

"There are no real surprises in the Cabinet," said TreasuryONE in a snap note to clients.

The local currency opened the day at R14.73/$ and fell by 1% in early trade before making up its earlier losses into the afternoon.

By 20:50, minutes before Ramaphosa started to speak, it was at its opening price.

At 22:22 it was changing hands at R14.66/$, up 0.5%.