Rand Steady Ahead of Moody’s Scheduled Review
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The South African rand traded at 16.9650 per dollar at 16:56 GMT, unchanged from the previous session, ahead of Moody’s scheduled sovereign credit rating review later Friday. Net foreign reserves rose to $70.02 billion at end-November from $69.36 billion in October, per Reserve Bank data. The Johannesburg Top-40 index gained 1.6%, while the 2035 government bond yield eased 1 basis point to 8.315%.
Markets speculate on a potential outlook shift from stable to positive at Ba2, following S&P’s recent BB positive upgrade that drove 20 basis point tightening in 10-year spreads. Recent $3.5 billion eurobond issuance further supported foreign currency liquidity.
