The rand was firmer against major global currencies on Tuesday afternoon, erasing earlier losses after a positive report from Moody's Investors Service. Moody's earlier released a credit opinion on SA — which does not constitute a ratings action — in which it said SA's economic and fiscal performance was in line with other countries that had a Baa3 ratings: the last investment-grade ranking. At 2pm the rand was flat at R14.1319/$, 0.17% stronger at R15.8324/€ and 0.77% stronger at R18.3995/£. The euro was flat at $1.1204. The bid on the benchmark R186 was 8.46% from 8.485%.

The local currency was faring slightly better against the pound, as Brexit uncertainty escalated. British MPs rejected four options for Brexit on Monday night, in a move that analysts said increased the chances the UK would leave the EU on April 12 without a deal. None of the softer options put before MPs attracted a majority, London Capital Group head of research Jasper Lawler said. “This basically casts a...

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