South Africa’s rand at 16-month high after Moody’s makes no change

The Rand rallied following Moodys unchanged outlook Photo by Mike Hutchings / Illustration

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– Improving local political environment and the global market risk-on sentiment provided further support;

– The rand was also boosted by bets that U.S. interest rates will remain low for some time;

– On the Johannesburg bourse, shares dropped, however, after the health ministry said on Saturday it had detected the first four cases of a new coronavirus variant that emerged in India and was responsible for a surge of infections and deaths in the Asian country.