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While this reaction reflects the confidence in both the new minister and in Cyril Ramaphosa's ability to act speedily and decisively, the currency will continue to feel the pinch from a strong dollar and a risk-averse global market in the months to come.

South Africa's political players are headed for a collision course over the fate of the finance minister, who the Treasury on Tuesday said is traveling to Indonesia for an International Monetary Fund (IMF) meeting.

After leaving the central bank he went into business, acting as an adviser in South Africa for Goldman Sachs and served as chairperson of AngloGold Ashanti and on the boards of other companies.

Ramaphosa also said nobody was above the scrutiny of the state capture commission.

Last week, Mr Nene told a judge-led inquiry into the alleged influence of the Guptas, known as the Zondo commission, about meetings that he had previously denied.

The president said after giving the matter "due consideration" he had reached the conclusion that in the interest of good governance he was compelled to accept Nene's resignation.

Kondlo said Mboweni was likely to take a hard line against public sector wage increases, and could provoke friction with the country's influential trade unions.

The Economic Freedom Fighters alleged that Nene had allowed his son, Siyabonga, to benefit from the Public Investment Corporation unduly.

However, the Mail & Guardian revealed on Friday that in 2014 the PIC - which Nene chaired - had gone to great lengths to assist Siyabonga's business partner in a venture in Mozambique.

Nhlanhla Nene resigned on Tuesday after it emerged that he lied about his meetings with the Gupta family. However, the party's top six reportedly met over the weekend to discuss the current Cabinet.

"Minister Nene this morning submitted a letter of resignation to me in which he requested that I should relieve him of his position as finance minister".

Cassper Nyovest's hit track Tito Mboweni has captured worldwide attention after the politician it was named after was appointed the new finance minister on Tuesday.

The ANC forced Zuma to quit as president in February, clearing the way for his 65-year-old deputy and party leader Ramaphosa to take over.