Rand edges higher ahead of Moody's rating review

JOHANNESBURG - The rand edged firmer early on Friday, lifted by a spell of risk demand after economic growth in the United States slowed, but the currency remained poised for a drop with Moody’s expected to cut the country’s ratings outlook to negative.

US gross domestic product increased at a 2.2% annualised rate, down from the initial estimate of 2.6%.The electricity crisis that saw state utility Eskom this month impose nationwide rolling blackouts, and an overall meek recovery in economic growth, has however raised the risk of a full downgrade.

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