BUSINESS - ECONOMY
| 2013-08-01SA’s rand stays under pressure against firmer dollar
JOHANNESBURG – South Africa’s rand fell against the dollar in early trade yesterday on track to extend three days of losses ahead of domestic trade account data and a Federal Reserve policy review.
The rand was at 9, 83 per dollar early yesterday 0, 23% weaker than its close in New York on Tuesday.
The currency has been under pressure in recent sessions as importers have been selling to settle offshore payments at month end.
South Africa’s trade account in June is expected to have narrowed to 9,1 billion rand (US$928 million), from 11,03 billion rand in May.
If the trade data comes in worse than expected the local unit is likely to weaken past Tuesday’s low of 9, 88.
– Nampa-Reuters
The rand was at 9, 83 per dollar early yesterday 0, 23% weaker than its close in New York on Tuesday.
The currency has been under pressure in recent sessions as importers have been selling to settle offshore payments at month end.
South Africa’s trade account in June is expected to have narrowed to 9,1 billion rand (US$928 million), from 11,03 billion rand in May.
If the trade data comes in worse than expected the local unit is likely to weaken past Tuesday’s low of 9, 88.
– Nampa-Reuters
