Listen to this article


South Africa’s rand slid 1 per cent in early European trading as a cut to the country’s credit rating by S&P weighed on the currency.

The rand was trading at 13.8261 to the dollar after closing down 2 per cent on Monday as S&P cut its rating on South Africa to double B plus from triple B minus, or junk, citing increasing political risks.

The currency has now fallen 5.9 per cent since South African President Jacob Zuma fired his finance minister on Thursday.

Copyright The Financial Times Limited 2017. All rights reserved.

Follow the topics mentioned in this article

Follow the authors of this article

Comments have not been enabled for this article.