The South African rand was slightly stronger on Monday after Fitch affirmed South Africa's 'BB-' credit rating with a 'stable' outlook, despite an ongoing power crisis.
South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration/Fitch affirmedThis week's major focus will be local inflation data out on Wednesday and an interest rate announcement on Thursday.
At 1541 GMT, the rand traded at 18.0650 against the dollar , about 0.1% stronger than its previous close. The rand gained around 4% against the U.S. currency last week, bolstered by bets that the U.S. Federal Reserve will increase interest rates"Locally, everyone is looking ahead to Thursday's MPC ," said Rand Merchant Bank in a note.
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