Rand hits record low of R18 a dollar after SA’s junk status rating

The rand reached a record low and weakened past the psychologically important R18 a dollar level on Monday morning, with the Covid-19 outbreak and SA’s latest junk status rating darkening the outlook for domestic assets.

Moody’s Investors Service issued its junk status rating after close of trade on Friday, meaning it is now noninvestment grade with all the three major ratings companies. The agency also put SA on a negative outlook.