Market News
South African rand extends losses; S&P rating review due - REUTERS
Tannur Anders
JOHANNESBURG, Nov 15 (Reuters) – The rand eased early on Friday, extending a week of losses following Donald Trump’s U.S. election win, and ahead of S&P Global’s scheduled review of South Africa’s sovereign credit rating.
At 0705 GMT, the rand traded at 18.28 against the U.S. dollar ZAR=D3, about 0.2% weaker than its previous close.
The rand has endured five sessions of losses as the dollar rallied after Trump’s victory, while markets fretted over potential policies by the president-elect, which could include tariffs and tax cuts.
Investors will on Friday look to S&P Global’s scheduled review of South Africa’s sovereign credit rating.
Analysts expect Africa’s most industrialised economy to remain three notches into sub-investment grade at ‘BB-‘, with a stable outlook.
On the Johannesburg stock market, the blue-chip Top-40 index .JTOPI was flat.
South Africa’s benchmark 2030 government bond ZAR2030= was little changed in early deals, with the yield at 9.155%.
(Reporting by Tannur Anders; Editing by Kirsten Donovan)
