Rand volatility picks up ahead of Moody’s decision
The local currency is facing a series of risk events this week, including a ratings report by Moody's on Friday and a Reserve Bank interest rate decision on Thursday
Currency traders braced for more volatility in the rand, which slumped on Friday by the most in five months, ahead of the Reserve Bank's latest interest rate decision and Moody's Investors Service's credit-rating review. The rand will have the second-biggest swings after Brazil's real among major currencies this week, with it's one-week implied volatility against the dollar rising to the most since February. Over one- and three months, with the latter period covering the May elections, SA's currency will regain its status as the most volatile major currency, according to Bloomberg data.
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