THE rand was slightly firmer against the
dollar at midday on Wednesday, after Fitch Ratings affirmed South Africa’s credit
rating at BBB- and retained a stable outlook.
The rand, however, had earlier weakened slightly after the release of weaker-than-expected local first-quarter gross domestic product (GDP) data just minutes before the Fitch announcement.
GDP data from Statistics South Africa showed that the South African economy shrank 1.2% in the first quarter of 2016 compared with growth of 0.4% in the fourth quarter of 2015.
At 11.56am‚ the rand was at R14.8881 to the dollar from R14.9014 at the previous close.
It touched a weakest intraday level of R14.9840 to the greenback after the GDP figures were released.
The rand was at R16.9326 against the euro from R16.9278 previously‚ and at R21.6500 against the pound from R21.6701 previously.
The euro was at $1.1373, from $1.1359 previously.
by Madeleine van Niekerk/BDlive
The rand, however, had earlier weakened slightly after the release of weaker-than-expected local first-quarter gross domestic product (GDP) data just minutes before the Fitch announcement.
GDP data from Statistics South Africa showed that the South African economy shrank 1.2% in the first quarter of 2016 compared with growth of 0.4% in the fourth quarter of 2015.
At 11.56am‚ the rand was at R14.8881 to the dollar from R14.9014 at the previous close.
It touched a weakest intraday level of R14.9840 to the greenback after the GDP figures were released.
The rand was at R16.9326 against the euro from R16.9278 previously‚ and at R21.6500 against the pound from R21.6701 previously.
The euro was at $1.1373, from $1.1359 previously.
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