Johannesburg — South Africa’s rand weakened on Friday ahead of a much-anticipated sovereign credit review by rating agency S&P Global.
At 1529 GMT, the rand traded at 19.4250 against the dollar, around 0.54% weaker than its previous close.
The S&P review is due later on Friday, against a backdrop of record power cuts in Africa’s most industrialised economy.
The rand sank to an all-time low last week on concerns over the domestic power crisis and allegations that South Africa had shipped weapons to Russia, which local officials have denied.
The dollar was last trading around 0.4% weaker at 103.09 against a basket of global currencies, after hitting a two-month high the previous day at 103.630.
Next week, the South African Reserve Bank will announce an interest rate decision, with analysts expecting another hike.
On the stock market, both the broader all-share index (JALSH) and the blue-chip Top-40 index (JTOPI) closed 0.65% higher.
South Africa’s benchmark 2030 government bond was marginally weaker, with the yield up 1.5 basis points at 11.195%.
*Tannur Anders; Editing: Nellie Peyton & Christina Fincher – Reuters
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