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South Africa’s Rand Gains Despite S&P Downgrade

  • Benchmark bonds recover almost all coronavirus sell-off losses
  • Traders focus on global stimulus, hopeful signs for virus cure
South African Rand Rebound Snaps Streak of Weekly Losses
Photographer: Waldo Swiegers/Bloomberg

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South Africa’s rand extended gains and benchmark bonds recovered almost all their losses since the start of the coronavirus sell-off as investors looked past mounting domestic risks to focus on the prospect of further global stimulus and signs of progress in treating the disease.