Rand hits record low after Moody’s cuts S.Africa rating

Johannesburg (AFP) – The South African rand plunged to a record low after Moody’s downgraded the government’s debt to junk status, before recovering slightly Monday, analysts said.The downturn in the currency came after the credit rating agency cut its rating for South Africa late Friday to Ba1, below investment grade, citing a “continuing deterioration in fiscal strength and structurally very weak growth”.The rand traded at 18.05 against the US dollar in Asia early Monday, but then recovered slightly to around 17.90 during African trading hours.”The ZAR has been the worst performing emerging …

Read More