South African Rand Slumps To 12-day Low Against US Dollar
10 December 2009 - 2:13AM
RTTF2
The South African rand continued its 6-day losing streak against
its US counterpart in early New York trading on Wednesday. The rand
reached a 12-day low of 7.6261 against the greenback by 9:40 am ET,
compared to 7.5722 hit late New York Tuesday.
The rand has been in a downward channel versus the dollar since
it touched a fresh multi-week high of 7.2708 on December 3. Since
then, the domestic currency has depreciated more than 4.7 percent
against the greenback. The rand is presently worth 7.5957 versus
the buck and a move below the 7.652 support may pull down it to its
lowest level in more than a month.
The rand declined as South Africa's retail sales at constant
prices decreased 6.5% year-on-year in October, compared to the
revised 4.9% fall in the previous month. Economists expected a
decline of 6.2%. A year ago, retail sales were up 0.6%.
At the same time, the South African wholesale sales at constant
prices decreased 11.5% year-on-year in October, compared to the
12.4% decline in the previous month. A year ago, wholesale sales
were up 1.3%. Wholesales sales dropped 0.3% on a monthly basis in
October.
Further, the Statistics South Africa also announced that the
manufacturing production dropped 9.3% year-on-year in October,
compared to the 11.4% fall in the previous month. Economists
expected a decline of 10.8%. A year ago, manufacturing production
was down 2.3%.
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