https://www.engineeringnews.co.za

Rand supported by S&P outlook upgrade

23rd May 2022

By: Reuters

  

Font size: - +

he South African rand was slightly stronger early on Monday, supported by ratings agency S&P upgrading the country's sovereign outlook to "positive".

S&P on Friday revised its outlook from "stable" and affirmed the foreign and local currency ratings on favourable terms of trade and a path toward contained fiscal expenditure.

At 0715 GMT, the rand traded at 15.8300 against the dollar, less than 0.1% firmer than its previous close.

"The main take-home point from S&P's improved outlook is that it is unlikely that the next rating move will be a downgrade," ETM Analytics said in a research note. "S&P's upgrade ... could add to the tailwinds provided by the South African Reserve Bank's 50 basis point rate hike last week," it added.

South Africa's central bank on Thursday increased its main lending rate by the largest margin in more than six years as it stepped up efforts to fight inflation, sending the rand higher.

On the Johannesburg stock market, the Top-40 index was up around 1.2% in early trade. The government's benchmark 2030 bond also rose, with the yield falling 5 basis points to 9.71%.

Edited by Reuters

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

AirNox Pty Ltd
AirNox Pty Ltd

AirNox (Pty) Ltd is a level 1 BBBEE manufacturer of complete AdBlue® solutions for operators of SCR diesel engines and AUS40 across South Africa...

VISIT SHOWROOM 
ABB Electrification
ABB Electrification

Electrifying the world in a safe, smart, and sustainable way, ABB Electrification is a global technology leader in electrical distribution and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.046 1.073s - 122pq - 2rq
Subscribe Now