The rand staged a slight recovery on Wednesday morning, helped in part by the improving global risk appetite. The local currency bought one dollar at R13.24, backing away from this week’s worst level of R13.31. Local risk factors were in back in focus after Moody’s Investors Service on Monday flagged SA’s low growth rate as one its concerns. Moody’s has the country’s debt rating just one-notch above subinvestment grade. SA is reeling from low business and consumer confidence, which economists have warned could undermine growth prospects. But even so, the rand has been relatively resilient so far in 2017, bailed out by bond inflows looking for better yields.
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