Zuma says has confidence in finance minister, can't intervene in probe

South African President Jacob Zuma said on Thursday he has full confidence in Finance Minister Pravin Gordhan, who is under police investigation over a suspected spy unit at the tax service.

Zuma said he could not intervene in the investigations despite the negative impact the probe has caused on the economy, according to a statement released by the presidency.

The rand, which had tumbled since Tuesday in response to the investigation, extended gains to 1.3 percent after Zuma's statement.