• Mini budget: Lost trust

    The elephant in the room is a bigger danger to SA than weak finances, says Jaco Leuvennink.

  • Time to tackle floods

    Government isn't doing enough so it's up to us to take responsibility, says Mandi Smallhorne.

  • Conquering prejudice

    Every workplace would benefit from a self-critical process relating to prejudices, says Ian Mann.

Loading...

Rand weaker on Moody’s downgrade

Nov 20 2012 13:17
I-Net Bridge
Johannesburg – The rand was softer at noon on Tuesday after France was downgraded by Moody’s.

Global rating agency Moody's Investors Service cut France's credit rating to Aa1 from Aaa on Tuesday‚ keeping a negative outlook on the rating‚ in line with rating agency Standard & Poor's downgrade in January.

“The rand is weaker due to the downgrade of France by Moody’s‚ although the euro has not lost value due to this. We should trade in a narrow range in the next couple of days - likely between R8.80 to R8.90 - ahead of the South African Reserve Bank’s MPC’s rate decision due at 3pm on Thursday‚” a local trader said.

Market consensus is for no change in the repo rate.

At 11:51‚ the rand was bid at R8.8703/$ from Monday’s close of R8.8498 and compared with R8.81 at around 18:00 on Monday.

The local currency was bid at R11.3491/€ from its previous close of R11.2928 and at R14.1080 against sterling from R14.0554 before.

The euro was bid at $1.2791‚ from Monday’s close of $1.2766.
rand  |  dollar  |  euro  |  currencies

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about...

Calling all social entrepreneurs - apply for The Venture now!

Are you running an innovative social business that's helping to create a better future? Then pitch for a share of The Venture’s $1m fund and receive world-class mentorship to help accelerate your business growth.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Pick n Pay launches new website for easier online shopping

Previous results · Suggest a vote

Loading...