JOHANNESBURG - The rand this week reached numbers last seen since 2015 - at 12:50 on Thursday, the rand was trading at R11.63 to the US dollar.
We take you an analysis of the rand's behaviour this week; how it fared in the wake of the political turbulence the country witnessed this week, with the recall of former president Jacob Zuma and his subsequent resignation.
We also analyse how the rand will likely continue to behave leading up to The State of The Nation Address ( SONA,) which we now know will be delivered by the country's new acting president, Cyril Ramaphosa.
Last year two ratings agencies downgraded the economy to junk status, for among other things, political uncertainty. Rating agency Moody's has said that it would be keeping a keen eye on the budget speech before making any decision to further downgrade the country.
Meanwhile, the International Monetary Fund revises SA’s growth prospects for 2018 and 2019 down to 0.9 percent for each year, after the previous forecasts of 1.1 percent for 2018 and 1.6 percent for 2019.
- BUSINESS REPORT ONLINE