South African rand extends gains after inflation slows
The South African rand strengthened nearly 2% against the U.S. dollar after July inflation data came in lower than expected and the dollar weakened.
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Posted 8/23/2023, 4:21:00 PM
reuters.com
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The South African rand weakened ahead of the BRICS summit and monthly inflation figures.
The South African rand strengthens against the US dollar as risk appetite returns to global markets due to falling US Treasury yields on the first day of the BRICS summit, although the summit is unlikely to provide significant or sustainable momentum until the bloc adopts implementable policies.
The South African rand weakened as the dollar rebounded and credit extension in the country slowed more than expected.
The South African rand weakened due to the country experiencing the worst power cuts on record and ahead of the release of second quarter GDP data.
The South African rand weakened against the dollar after mining figures showed a drop in production, contradicting analysts' predictions of an increase.