Rand plunges on lower growth forecast

The rand reached R15/$ for the first time in a week yesterday as Moody’s Investors Service revised down its 2020 GDP growth forecast for SA.

The ratings agency dropped its forecast to 0.7% in 2020 from the 1% it announced in November.

It also lowered its 2021 growth prediction to 0.9% from 1.2% previously.

The ratings agency’s new forecasts came as it revised down its global GDP growth outlook due to contagion associated with the coronavirus epidemic in China.

The JSE all share closed firmer, with platinums faring best. The all share gained 0.56% to 58,187.96 and the top 40 0.59%. The platinum index leapt 3.42%. — BusinessLIVE

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