South Africa's currency, stocks sell off after S&P cuts its credit rating to junk

MARKETWATCH | on Mon, Apr 3, 12:45 PM

South Africa's currency and its stocks tumbled on Monday after S&P Global Ratings cut the country's sovereign credit rating into junk territory. The ratings agency cited last week's firing of respected finance minister Pravin Gordhan by President Jacob Zuma as the catalyst for the decision, saying Gordhan's ouster "increased the likelihood that economic growth...could suffer." The rand USDZAR, +1.2335%[1] fell 2% to 13.68 to the dollar following the decision, compared with 13.42 late Friday i...

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