The rand reached a record low of R19.03 against the US dollar.
The rand reached a record low of R19.03 against the US dollar on Friday after Fitch downgraded South Africa’s credit rating another notch.
Fitch lowered the country’s long-term foreign currency debt from BB+ to BB with a negative outlook, because of a “lack of a clear path towards government debt stabilisation” and the impact of the Covid-19 pandemic. “The negative outlook reflects the prospect of further significant upside pressure on government debt and additional downside risks associated with the global shock,” Fitch said.
The rand is now nearly 40% weaker than at the same point last year. It has been sliding since Moody’s downgraded the country’s credit rating to junk status last week and is expected to sink through the R20 per US dollar mark soon.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fitch: SA outlook is negativeCredit ratings agency Fitch has downgraded South Africa to BB from BB+.
Read more »
Tracker SA data reveals if SA motorists are staying home amid the lockdownData reveals that South African vehicle activity had already dropped by up to 20% before the lockdown.
Read more »
SA parents cram online lessons on how to teach their kidsConfined to their homes after last week’s lockdown, parents are turning to free and paid learning websites in a desperate bid to assist their children with extra lessons.
Read more »
WATCH: How Covid-19 is wreaking havoc in SABusiness Times contributing editor Hilary Joffe and a panel of journalists discuss stories making the news in the latest edition of Editing Allowed
Read more »
SA health authority reviewing stance on masks to stem Covid-19 infectionsThe National Institute for Communicable Diseases is reviewing its stance on discouraging members of the public from using masks to reduce the spread of Covid-19.
Read more »