The rand has continued to remain weak against a basket of currencies at opening trade on Monday morning.
Rating agency Fitch cut South Africa’s credit rating deeper into sub-investment grade late on Friday evening.
Media statement following the ratings announcement by Fitch Ratings. @GovernmentZA #Ratings #junkstatus pic.twitter.com/IX0PZ4ZwN5
— National Treasury (@TreasuryRSA) April 3, 2020
Currently, the rand is trading at R19, 05 to the dollar, R23, 32 to the pound and R20, 54 to the euro.
Economist have warned that the rand will remain volatile over the next few weeks.
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