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The rand weakened to 14.64 per dollar after Moody's said South Africa's weaker fiscal outlook in the medium-term budget statement was a credit negative. Moody's is the last of the big three agencies still rating Pretoria's debt at investment grade and is due to report its rating soon.
Local stocks fell, with the all share index down 1.30%.
A weaker rand raises the rand cost of imported feed inputs such as soybean meal and corn, and a sovereign downgrade could weaken the currency further.
moneyweb.co.zaNomvelo Chalumbira, Patricia Aruo, ReutersOct 26, 2018Not 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.
