[CURRENCY] At 12:00, the rand traded at 18.60 to the dollar, despite S&P Global’s late-night announcement that it had downgraded its outlook on South Africa. Moneyweb Currency
The rand firmed early on Thursday against a weaker US dollar, despite S&P Global’s late-night announcement that it had downgraded its outlook on South Africa. At 0654 GMT, the rand traded at 18.58 to the dollar, more than 0.2% stronger than its previous close. The previous day it hit 18.72, the lowest in almost three years. The dollar was down almost 0.
S&P Global said late on Wednesday that it had downgraded South Africa’s outlook to “stable” from “positive”, citing infrastructure constraints and severe power cuts. The downgrade followed disappointing gross domestic product data released earlier this week, which showed South Africa’s economy contracted more than expected in the last quarter of 2022 and could be on track for a recession if it shrinks again this quarter.
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