The rand tested R14/$ for the first time since January 2020, coming within a few cents of the important level, while ratings agency Moody’s Investors Service is scheduled to release its latest review of SA’s credit rating later on Friday.

Moody’s has SA on a Ba2 rating, which is two notches into junk status, with a negative outlook. Most analysts expect no change from Moody’s, and therefore little effect on markets...

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