UPDATE: The rand has stabilised for the moment at around R12.94/$, still 20c weaker than its overnight close of R12.74. It reached a session high of R13.11 on rumours that President Jacob Zuma is set to fire Finance Minister Pravin Gordhan.

Cape Town - The rand, still reeling from President Jacob Zuma's order that Finance Minister Pravin Gordhan return immediately to South Africa from an international investor roadshow, received another blow on Tuesday as rumours surfaced that Zuma told senior leaders of the South African Communist Party that he plans to fire Gordhan.

The rand weakened to R13.11 to the greenback after Bloomberg quoted three sources, saying Gordhan is facing Zuma's axe.