WATCH: Rand shows amazing comeback strength
JOHANNESBURG – The rand began the week on a positive note and strengthened to a high of R14.7501 by 11.03am yesterday from Friday’s close of R15.02 as markets rallied in relief after Moody’s decision to maintain South Africa’s credit rating at an investment grade.
The rand strengthened 1.8 percent after losing 2 percent against the US dollar last week as investors rejected the Medium-Term Budget Policy Statement. By 5pm the rand was bid at 14.7803 to the dollar.
South Africa now has an opportune moment to lure investors in buying into the country’s bold ambition to raise R1.2 trillion in new domestic and intentional investment over the next five years.
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This week, President Cyril Ramaphosa will lead the government’s hosting of the second South Africa Investment Conference, which is a partner initiative to the economic stimulus package and economic recovery plan.
Ramaphosa yesterday chaired the Working Committee meeting on implementation of the Jobs Summit commitments to expedite implementation and resolve inhibitors in the system in order to create jobs and stem job losses.
Senior research analyst at FXTM, Lukman Otunuga, said the move by Moody’s offered a key lifeline and ray of hope for the nation.
Source: iol.co.za