MARKET WRAP: Rand shrugs off downgrades as vaccine optimism dominates sentiment

The rand shrugged off SA’s latest downgrade by ratings agencies, taking its cue from optimism about vaccine rollouts that boosted sentiment on riskier assets.

While the local currency fell briefly on Friday, that was a short-term weakening. On Monday, the rand strengthened to an almost two-week high,  before ending the day little changed. Bonds had their most marked weakening since November 10, though yields on securities due in a decade were just 30 basis points higher than their 2020 low from February…