RandReport: Rand weakens as Moody's relief rally fades
JOHANNESBURG - The rand weakened against a firmer US dollar in afternoon trade on Tuesday, retreating from a one-month high hit earlier in the session after Moody’s rating action relief.
The currency had reached a session high of 14.0750 earlier, its strongest level since 1 March, after Moody’s said South Africa’s sovereign credit rating was still investment grade, several days after the ratings agency delayed a review of the country’s creditworthiness. But the gains were erased as traders took a detailed look at Moody’s report, with a firmer dollar after robust US economic data also hurting the currency.
Bonds also weakened, with the yield on benchmark government paper due in 2026 adding 2.5 basis points to close at 8.52%.
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