Rand gives back some of its gains

The rand firmed 1.1% to R17.16/$, its best level in more than two months, after credit ratings agency S&P left SA’s rating unchanged as expected, while warning that the country is not out of the woods as a number of threats remain.

However the currency could not hold on to those gains in thin weekend Asian trade and it closed 0.43% weaker at R17.2407/$…