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South Africa's rand fell below 18.00 per dollar to an all-time low on Monday after Moody's cut the country's last investment-grade rating to Ba1 with a negative outlook. The downgrade is expected to trigger forced selling of up to $12 billion when South Africa exits the WGBI index.
A weaker rand raises the rand cost of imported inputs and feed-grade commodities priced in dollars, so South African feed buyers face higher landed costs. The index exit adds pressure on the currency and local bonds.
cnbcafrica.comReutersMar 30, 2020Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
