South African President Jacob Zuma announced on Sunday night that he has appointed Minister of Cooperative Governance and Traditional Affairs Pravin Gordhan as the new minister of finance.

Gordhan is the second finance minister appointed by Zuma in four days.

The previous appointment of Van Rooyen, a largely unknown member of parliament, has caused jitters at the market, sending the South African rand plummeting to a record low.

Explaining his decision to appoint Gordhan as finance minister, Zuma said he had received many representations asking him to reconsider Van Rooyen's appointment and that his decision was made after serious consideration and reflection.

"As a democratic government, we emphasize the importance of listening to people and to respond to their views," Zuma said.

Gordhan, who had served as finance minister in the previous government, will return to a portfolio he had held proficiently during the fourth administration, Zuma said.

The president has appointed Van Rooyen as the new minister of cooperative governance and traditional affairs.

"I wish both ministers all the best in their new deployments," Zuma said.