The rand was marginally weaker on Wednesday afternoon, as the dollar gained ahead of the release of US inflation data later in the day. A higher rate is set to support the dollar and put further pressure on the rand. Afrifocus Securities portfolio manager Ferdi Heyneke said a lot of the good news reflecting on the Ramaphosa administration has already been priced into the rand. "However, the sentiment remains positive that SA is now on the right track, which could support the rand going forward." Heyneke said Moody’s credit rating announcement, due towards the end of March, was crucial to the rand’s fortunes. It will come at a time of renewed concern over state-owned enterprises, with Eskom having been further downgraded by S&P Global Ratings on Wednesday morning. Eskom remained at risk of facing a distressed exchange situation or default in the next six months, despite securing R30bn in short-term funding from local and international funders, S&P said. At 3.03pm the rand was at R11....
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