Wednesday morning in New York, the South African currency showed weakness against the US dollar. Pulling back from yesterday's multi-day high, the rand dropped 1.85 percent to a 2-day low of 7.512 against the greenback before snapping some gains back around 9:05 am ET. The dollar-rand pair that closed yesterday's deals at 7.4295 is presently worth 7.4714.

In economic news, South Africa's gross reserves increased to $39.14 billion in September from $37.95 billion in August, the Reserve Bank said today.

Net reserves increased to $37.91 billion from $36.92 billion and gold reserves climbed to $4.02 billion from $3.7 billion. Forex reserves were $35.11 billion, up from $34.15 billion.

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