SA rand shines

The Herald (Zimbabwe) - - Business -

JO­HAN­NES­BURG. — South Africa’s rand raced to its high­est in over a week yes­ter­day, eras­ing all of the losses suf­fered af­ter the econ­omy slipped into re­ces­sion, as a rate hike in Tur­key and Moody’s de­ci­sion to hold fire on a down­grade boosted de­mand.

At 1215 GMT, the rand was 1,4 per­cent firmer at 14 7700 per dol­lar, just shy of its ses­sion-best 14 7000 touched im­me­di­ately af­ter Tur­key’s cen­tral bank raised its bench­mark rate by 625 ba­sis points.

The Turk­ish lira firmed 6 per­cent fol­low­ing the de­ci­sion.

Be­fore that, the rand had been ris­ing as eas­ing ten­sions be­tween the United States and China fu­elled risk de­mand in early, low liq­uid­ity trade.

Moody’s com­ment at a con­fer­ence in Jo­han­nes­burg that it was un­likely to cut Pre­to­ria’s for­eign debt to sub-in­vest­ment, de­spite last week’s sur­prise slide into re­ces­sion, pushed the rand’s gains to more than 1 per­cent. — Reuters.

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