The rating by Fitch might impact ZAR slightly negatively on Monday as it came after the local markets closed on Friday.

The rating decisions of both Fitch and S&P were as expected, slightly extensive moves can be seen.

"We expect the ZAR to remain pressured in the near term due to weak domestic fundamentals, low commodities prices and the approaching Fed hike, which could see the ZAR especially exposed due to a still large current account deficit", says Nordea Bank. 

Beyond the near term, a modest strengthening is likely as EM sentiment improves and commodity prices stabilize.