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South African rand begins to climb after falling to 6-month low

South Africa’s rand firmed on Wednesday, regaining ground after tumbling to its weakest in six months as the weaker dollar overshadowed data showing shrinking private sector activity at home.

The rand gained 0.46 percent to 13.5925 per dollar compared with a close of 13.6550 overnight in New York.

The dollar index stepped back from a 1-1/2-month high, relieving pressure on the rand that had seen the currency sell off sharply in the past week and eventually sink to 13.7700 in the previous session, its weakest level since April 10.

Source: reuters.com

Publication date: 10/5/2017


 


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