![]() ![]() On top of the emerging market sell-off prompted by Covid-19, Moody’s downgrade of South Africa’s last investment-grade rating on 27 March exacerbated concerns over the sustainability of government debt, prompting investors to ditch the rand. Furthermore, the currency was down 24.1% year-on-year and 26.3% year-to-date. The currency ended 24 April at ZAR 18.98 per USD, marking a 6.9% depreciation over the same day in March. dollar in April amid faltering government action to curtail the rapid deterioration of the public accounts. ![]() ![]() The South African rand (ZAR) sank to a new record low against the U.S. South Africa: Rand slumps to new all-time low on rising fiscal concerns and surprise Central Bank cut ![]()
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