The rand steadied on Friday morning, but was poised to end a six-week winning run against the dollar, which has been wobbly since the start of the year.A stronger rand helps keep inflation in check, although the recent pick-up in oil prices could negate its effect.Brent crude was hovering at its highest level in three years, at $69 a barrel, a development the Reserve Bank’s monetary policy committee is likely to highlight during its scheduled policy meeting next week.The market expects the committee to keep the repurchase rate unchanged at 6.75%, pending the Finance Minister Malusi Gigaba’s budget speech in February.Moody’s has said it will deliver its ratings review on SA after the budget. Moody’s is the only agency that still has SA’s debt at investment grade, after Fitch and S&P Global Rating cut the country’s ratings to junk status in 2017.But the outcome of the recent ANC national conference, which elected Cyril Ramaphosa its new leader, has raised optimism that SA could stave ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.