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Market Update: South African Rand Weakens
The South African rand erased early gains to trade at 14 against the greenback on Monday, amid mounting concerns over new lockdown restrictions as a third wave of Covid-19 hits South Africa’s provinces. On Friday, both credit rating agencies S&P Global Ratings and Fitch affirmed South Africas sovereign rating and outlook, citing an upturn in near-term economic performance and improved public finances.Meanwhile, the South African Reserve Bank said on Thursday it would not hesitate to tighten policy to contain rising prices while providing a more optimistic outlook for the country. [/s2If]
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