[CURRENCY] At 11:30, the rand traded at R18.34 against the US dollar. Moneyweb Currency
The South African rand fell in early trade on Wednesday, ahead of May inflation data that could give clues on the health of Africa’s most industrialised economy. At 09:09, the rand traded at R18.41 against the US dollar, around 0.14% weaker than its previous close. Meanwhile, the dollar index was last at 102.620 – about 0.12% stronger.
“Rand gains have run out of steam and is now consolidating,” said Rand Merchant Bank analysts in a research note after the currency faced its first day of losses in almost two weeks on Tuesday. Investors will now turn their attention to South Africa’s May consumer price index data, due at 0800 GMT. Analysts polled by Reuters predict year-on-year inflation in May to sit at 6.5%, down from 6.8% registered in April.
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