The rand was marginally stronger at midday on Friday after recovering some of its losses sustained during and after Finance Minister Pravin Gordhan’s medium-term budget policy statement, on Wednesday. At 11.37am, the rand was at R13.8574 to the dollar from Thursday’s R13.8686. It was at R15.1100 to the euro from R15.1109, and R16.8206 to the pound from R16.88671. The euro was at $1.0903 to the dollar from $1.0896 in the previous session. CJS Securities analysts said the rand had remained rather resilient and that could mean a junk status for the country has been discounted in the price. The analysts said SA’s difficult political situation with a new saga involving the South African Revenue Service allegedly attempting to coerce a senior official into signing an affidavit, did not bode well for the country. "The risk of a downgrade remains ever present as there are not many good reasons economically or on the fiscal side. Saying all that, it points to a weaker rand," they said. S&P G...
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