The rand broke below last week’s best levels. File Photo: IOL

CAPE TOWN – The rand hit the ground running yesterday breaking below last week’s best levels with market analysts expecting more strength from the domestic currency as the week progresses.

Dynamic Outcomes’ James Paynter said it was now wait-and-see time as Moody’s delayed their announcement until after the Medium-term Budget Policy Statement “… probably a good call”.

At 5pm the domestic currency was bid 15c firmer than Friday’s same time bid at R14.37 against the dollar. Against the pound the rand was 22c stronger at R18.88 and to the euro the currency rallied 14c to R16.64.

Peregrine Treasury Solutions corporate treasury manager, Bianca Botes, said the postponement on Friday of the much anticipated Moody’s ratings announcement bought South Africa more time to bolster key measurement criteria, such policy stability. 

Meanwhile on the JSE stocks were hits hard with the blue-chip Top40 index declining 2.07 percent to 46 295.03 points, while the broader all share index gave up 1.88 percent to 52 466.98 points.