South African Rand At New 2-week Low Against U.S. Dollar After Moody's Comments
26 October 2018 - 6:27PM
RTTF2
The South African Rand fell against the U.S. dollar in the
European session on Friday, after ratings agency Moody's assessed
that South Africa's mid-term budget projected a larger fiscal
deficit that is credit negative.
"The government's revised budget policy statement projects
larger fiscal deficits and higher government debt, amid slower
growth, a weaker rand and higher interest rates than expected in
February, a credit negative," Moody's said.
The rand fell following the statement, touching a new 2-week low
of 14.73. If the rand falls further, 16.00 is possibly seen as its
next support level. At Thursday's close, the pair was worth
14.62.
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