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Rand gains ground against US dollar, pound after Fitch announcement

Fitch is the third agency to keep its outlook unchanged, meaning the country has avoided junk status.

Picture: Christa Eybers/EWN

JOHANNESBURG - The rand has gained more ground against the dollar and the pound after the announcement, by agency Fitch, that it's keeping its rating unchanged at BBB minus, with a stable outlook.

Fitch is the third agency to keep its outlook unchanged, meaning the country has avoided junk status.

At 3pm, the rand was around 14.71 to the dollar, 21.45 to the pound and 16.75 to the euro.

The currency saw also strong gains against the dollar and pound last week after Standard & Poor's Global decided to keep its rating above junk status.

Head of strategic research at Nedbank, Mohammed Nalla, says Fitch was expected to adjust its outlook to negative silver.

But he says Fitch has noted political instability in the country and its policies.

Fitch has also warned of the low of trend of Gross Domestic Product (GDP) growth, significant fiscal and external deficits and says government efforts to boost growth are likely to have only a marginal impact.

LISTEN: GDP figures, Fitch ratings and state of the economy