Rand firm as Moody's delays ratings

15 October 2018 

The rand strengthened further on Monday after Moody's Investors Service held off on its ratings review of South Africa on Friday.

By 10:04 the local unit was trading 0.41% firmer at R14.45 against the US dollar, despite the dollar firming somewhat on risk-off sentiment.

Last week, the rand rebounded sharply following lower-than-expected CPI figures from the US as well as a decline in US stocks, following volatile trading amid a change in finance ministers. The appointment of Tito Mboweni in place of Nhlanhla Nene as Finance minister, however, reassured markets.

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Source: 
Fin24

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