The rand extended losses above R15/$, making it the worst-performing emerging-market currency of 2020 so far, after Moody’s Investors Service’s downward revision of SA’s growth prospects fueled concern that a downgrade is in store.

Moody’s revision puts the ratings agency, the only one that still has SA in investment grade, in line with recent forecast changes by the World Bank and private sector lenders who sees the economy expanding less than 1% due to Eskom’s power cuts and lacklustre spending.

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