Rand Weakened by Credit Rating Outlook for Greece
The South African Rand fell today as the speculation that Standard & Poor’s may issue a default rating for Greece reduced attractiveness of riskier currencies.
S&P said yesterday that the rollover plan for Greece can result in a ”selective default” rating. Platinum, one of major export revenue sources for South Africa, fell by 0.8 percent per ounce. The rand reversed its decline, but currently remains below the opening price.
USD/ZAR traded at about 6.7130 as of 11:48 GMT today after it jumped from 6.7070 to 6.7470.
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Earlier News About the South African Rand:
- Rand Weakens with Commodities on US Growth Forecast (2011-06-23)
- South African Rand Falls on Greek Crisis, Trims Losses (2011-06-20)
- South African Rand Climbs vs. Dollar on Greece's Bailout (2011-06-02)
- Rand Advances vs. Dollar on Economic Growth (2011-05-27)
- South African Rand Stops Decline as Commodities Recover (2011-05-24)