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(Bloomberg) — The hunt for yield has trumped a demotion of South Africa’s local-currency debt to junk, with the rand posting its best monthly gain this year in November.
S&P Global Ratings cut the nation’s credit rating on Nov. 24, and Moody’s Investors Service warned it may do the same within the next three months.
Still, borrowing dollars to buy the South African currency proved a profitable strategy, with the rand carry trade returning 3.7 percent in the month and beating 21 out of 22 emerging-market peers.
Cyril Ramaphosa: The Audio Biography
Listen to the story of Cyril Ramaphosa's rise to presidential power, narrated by our very own Alec Hogg.