Rand strengthens after dropping to a seven-week low

rand strengthens after dropping to a seven week low - Rand strengthens after dropping to a seven-week low
new randR 300x169 - Rand strengthens after dropping to a seven-week low

The rand has regained some ground after dropping to a seven-week low against the greenback as traders wagered that Wednesday’s budget speech would sway ratings agency Moody’s from downgrading the country’s debt to junk status next month.

The local currency improved after markets processed, Finance Minister, Tito Mboweni’s pledge of modest cuts to public disbursements and more extensive reforms on State owned institutions.

The rand is currently trading at around R13,94 against the dollar.

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