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Rand extends drop after Moody’s growth forecast change; worst emerging-market currency of 2020

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Moody’s Investors Service has slashed SA’s growth forecast for 2020 and 2021, with the rand now above the R15/$ level

Rand reaches weakest level since February 10 after Moody’s Investors Service slashed SA’s growth forecasts, heightening ratings cut fearsThe rand extended losses above R15/$, making it the worst-performing emerging-market currency of 2020 so far, after Moody’s Investors Service’s downward revision of SA’s growth prospects fueled concern that a downgrade is in store.

Moody’s revision puts the ratings agency, the only one that still has SA in investment grade, in line with recent forecast changes by the World Bank and private sector lenders who sees the economy expanding less than 1% due to Eskom’s power cuts and lacklustre spending.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

 

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