Reprieve for Rand as South Africa Dodges 'Junk' Rating

The rand has made strong gains against the dollar after avoiding a "junk status" credit rating from Moody's Investors Service. The Baa3 rating - the lowest category in the investment-grade stable - puts South Africa close to receiving a third non-investible grade after receiving downgrades from agencies Standard & Poor's and Fitch in 2017.

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