The South African Rand appreciated against the U.S. dollar in the European session on Monday, as Moody's kept the nation's credit ratings at 'Baa3,' one step above junk.

On Friday, Moody's affirmed its sovereign debt ratings at Baa3, but changed its outlook to negative from stable.

The South African currency advanced to a 5-day high of 14.75 against the greenback from last week's closing value of 15.00. Next key resistance for the South African Rand is seen around the 13.00 level.

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