The South African rand was one of yesterday’s best performers, with only the Russian rouble strengthening more. S&P Global ratings decided against cutting the nation’s credit rating to junk on Friday, which has since boosted the rand by over 4% against sterling. The resurgence of South African Telecom giant Telkom can also be attributed to the rand’s burst in strength as the company wiped out all 2016 losses after cutting 4,000 jobs in the country.
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