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The rand rose as much as 3.3% on Monday, on track for its best day since December 2015. The gain followed Moody's decision to keep South Africa's local-currency debt at investment grade after S&P had downgraded it to junk the previous Friday.
Moody's placed the rating on review for downgrade.
Avoiding exclusion from Citi's World Government Bond Index prevented forced bond selling of up to $10 billion. The rand's sharp rebound lowers the local cost of dollar-priced feed imports, at least temporarily.
moneyweb.co.zaDana El Baltaji, Colleen Goko, BloombergNov 27, 2017Not 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.
