Rand steadies after ratings downgrades for SA
The strengthening of the rand shows that a downgrade was already priced in, one market analyst says
23 November 2020 - 11:01
The rand was firmer on Monday, regaining Friday’s losses after Moody’s Investors Service and Fitch downgraded SA further into junk status, while S&P Global Ratings maintained its outlook.
A further downgrade to SA’s rating did little to deter the rand in morning trade on Monday, with the local currency reaching an intraday best of R15.3028/$, its best level since last Monday, according to Infront data...
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