South African Rand Weakens Against Greenback
24 September 2009 - 12:53AM
RTTF2
The South African rand showed weakness against the US dollar in
New York morning deals on Wednesday. The rand slipped to 7.4775
versus the greenback by about 8:30 am ET from European session's
multi-day high of 7.3591. Thereafter, the pair reversed its
direction and currently trading near 7.4287.
Wednesday, the Statistics South Africa announced that the
producer price index or PPI dropped 4% year-on-year in August,
compared to the 3.8% fall in the previous month. Economists
expected a decline of 3.4%. A year ago, the PPI was up 19.1%.
On a monthly basis, the PPI increased 0.3% in August, slower
than the 0.9% growth expected by economists. In July, the PPI was
up 2.9%.
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