Mixed denomination rand currency banknotes are arranged for a photograph at a First National Bank (FNB) branch in Johannesburg, South Africa, on Friday, March 15, 2013. A recovery in mining and manufacturing is giving South Africa's rand and bonds a breather amid concern that growth is slowing while inflation accelerates. Photographer: Nadine Hutton/Bloomberg via Getty Images

Rand holds firm

JOHANNESBURG. — South Africa’s rand held firm against the dollar yesterday, after Fitch affirmed the country’s both long-term foreign and local currency debt ratings and positive global sentiment pushed it to a four-and-a-half month high in the previous session.

Rand was trading at 14,310 versus the greenback at 0506 GMT, a 0,07percent rise from the previous day’s close, when it hit 14,2670, its highest level since July 31. Fitch on Wednesday decided to leave the country’s credit rating at one notch below junk with a negative outlook.

“We can expect the rand to test a sustained break below R14,30 with a range of R14,28 to R14,40 on the cards for now,” Peregrine Treasury Solutions said in a note. — Reuters Africa.

Source :

The Herald

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