JOHANNESBURG Oct 12 (Reuters) – South Africa’s rand
weakened on Friday after ratings agency SP downgraded the
country’s local and foreign currency sovereign ratings, saying
underlying social tensions would increase government spending
pressure and reduce fiscal flexibility.
The rand fell to 8.76 to the dollar by 1648 GMT,
down from 8.70 before the release and losing more than 1.1
pecent on the day.
(Reporting by Stella Mapenzauswa; Editing by Ed Cropley)
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