The rand was relatively calm on Friday morning, but headed for a mildly positive finish to a volatile week. The rand reached R13.70/$ earlier in the week before bouncing back in line with commodity prices and riding the wave of positive sentiment towards emerging markets. SA continued to attract net bond inflows, despite the threat of further downgrades to the country’s credit rating. Credit ratings agency Moody’s is expected to make its ratings announcement in the coming weeks. In April, S&P Global Ratings and Fitch lowered the country’s debt rating after President Jacob Zuma sacked Pravin Gordhan as finance minister in a controversial Cabinet reshuffle, which raised concerns about fiscal discipline. "The rand’s recovery in the past week gives support to the argument that it is establishing a new range in 2017, having spent most of 2016 in sharp recovery mode," Rand Merchant Bank currency John Cairns said in a note. At 8.55am, the rand was at R13.3453 to the dollar from Thursday’s ...
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