South Africa's finance minister Nhlanhla Nene has quit after admitting meeting members of the Gupta family, who have been accused of corruption.

President Cyril Ramaphosa said he accepted the resignation "in the interests of good governance".

The Guptas have been accused of working with former President Jacob Zuma to secure government contracts and determine cabinet appointments.

Both the Guptas and Mr Zuma strongly deny the allegations.

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

There is no suggestion that he had done anything illegal in meeting the businessmen during his stint as deputy finance minister and finance minister in Mr Zuma's government, but he has been under intense political pressure to step down since making the admission.

Rumours of his intended resignation on Monday led to a fall in the value of South Africa's currency, the rand, but it has since recovered its value.

Mr Nene has been replaced by former central bank chief Tito Mboweni. This is the fifth change of finance minister since 2014.