The South African rand climbed more than 3% against the US dollar today as Standard & Poor’s kept the nation’s credit rating at an investment grade. The terrible employment data from the United States also helped the rand to gain on the greenback.
S&P maintained South Africa’s sovereign rating at BBB-, albeit with negative outlook. Ahead of the announcement, many economists had been concerned that the agency would slash the rating. The rand climbed thanks to the news, as well as with the help from the hugely disappointing US non-farm payrolls.
USD/ZAR sank as much as 3.26% to 15.0699 as of 20:37 GMT today.
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