Rand jumps as Moody’s warns SA about Mining Charter

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Johannesburg - The rand lost ground on Tuesday morning as ratings agency Moody’s released a report criticising the Mining Charter. Moody's joined Fitch Ratings in slating the controversial charter as harmful to the South African economy.

Moody's said the document is not properly drafted and believes the ANC is likely to ask for it to be withdrawn. The rand jumped from R13.03 to R13.13 instantly on the news, before easing to R13.08 by 11:00, a 0.14% drop in the price since Tuesday.

South Africa's consumer price index for May came out at 5.4%, within the target band of between 3% to 6%. But analysts attributed the rand’s jump to Moody's comments.

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Rand - Dollar
14.88
+0.5%
Rand - Pound
20.33
+0.5%
Rand - Euro
17.43
+0.6%
Rand - Aus dollar
10.82
+0.2%
Rand - Yen
0.13
+0.5%
Gold
1,758.34
+0.5%
Silver
22.63
+0.9%
Palladium
1,987.50
+0.7%
Platinum
995.00
+0.8%
Brent Crude
78.09
+1.1%
Top 40
57,643
0.0%
All Share
64,049
0.0%
Resource 10
57,254
0.0%
Industrial 25
82,879
0.0%
Financial 15
14,317
0.0%
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