South African Rand Ticks Up Against US Dollar
28 January 2010 - 12:22AM
RTTF2
The South African rand edged higher against the US dollar on
Wednesday morning after a government report showed that the
nation's inflation rose in December at a lesser pace than
expected.
The rand rose 1 percent to 7.56 against the greenback by 8:00 am
ET from a session's low of 7.6417. The domestic currency is
approaching 7.5410 resistance in near-term, which could set its
strongest mark in more than 5 days. The dollar-rand pair that
closed yesterday's deals at 7.5811 is presently quoted at
7.5818.
The Statistics South Africa announced that the consumer price
index or CPI rose 6.3% year-on-year in December, faster than the
5.8% growth in the previous month. Economists expected an increase
of 6.4%.
On a monthly basis, the CPI increased 0.3% in December, after a
flat reading in November. Economists were looking for an increase
of 0.4%.
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