The South African rand has shown a clear change in tone this month as traders reacted to a firmer budget and a ratings upgrade, reports Cape town Etc .
The Government of South Africa notes that after Finance Minister Enoch Godongwana set out the medium-term budget on 12 November, the rand briefly moved below R17 to the US dollar, trading around R16.95 at its best level.
Ratings agency S P Global raised South Africa's foreign currency rating to BB and gave the country a positive outlook.