• IS provokes sea-change

    It has been a grave mistake to defy both Russia and France, says Leopold Scholtz.

  • Nene's SAA nemesis

    No political figure seems to have the guts to speak out against Dudu Myeni, says Solly Moeng.

  • The mp3 revolution

    Ian Mann takes a look at the war between digital music and the compact disc.

All data is delayed
See More

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



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
Comments have been closed for this article.

Company Snapshot

We're talking about:


Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.

Money Clinic

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

Voting Booth

The 25 basis points interest rate increase is:

Previous results · Suggest a vote