Rand recovers on ratings news
SA remains one bar above junk status.
Picture: Thinkstock
The rand-to-dollar rating improved following the announcement by international ratings agency Standard and Poor’s that South Africa was not relegated to junk status yet.
The rand got 13 cents stronger following the announcement that the status quo, which affects South Africa’s international borrowing power and inflation, would remain the same.
This is one bar above junk status.
It meant, at time of writing, that the dollar to South Africa’s rand was R15.22.
At 2pm it sat at R15.58 and had already started improving in anticipation of the announcement.
