South African Rand coins are seen in this photo illustration
Johannesburg - The rand fell more than 2 percent on Monday to its weakest in almost three months after S&P Global Ratings cut the country’s credit score to sub-investment grade with a negative outlook after last week’s dismissal of the Finance Minister Pravin Gordhan.

At 5pm, the rand was bid at R13.4945 to the dollar, 8.73c softer than at the same time on Friday.

At 6.40pm, the rand traded at R13.68, but up from the day’s low of R13.75, a level last reached on January 16.

The increased likelihood of further credit downgrades by Moody’s and Fitch was set to put pressure on the rand this week, analysts said.

S&P cut the credit rating to BB+ from BBB- and assigned a negative outlook, citing fiscal policy risk following Gordhan’s sacking as finance minister.

Bonds weakened in response.