The rand is slightly softer against the greenback after the announcement by Minister of Public Enterprises Pravin Gordhan that there will be no further power cuts and that government is discussing another support package for debt ridden Eskom.

Gordhan stated that if load shedding were to be implemented, it would likely be at stage one until August.

The local currency recovered earlier in the week after Moody’s ratings agency surprised markets and kept the country’s credit rating unchanged at investment grade.

The local currency is currently trading at R14.19 against the dollar.

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