South African Rand Drops To 3-week Low Against Greenback
10 January 2011 - 11:45PM
RTTF2
The South African rand weakened by more than 1.5 percent to
reach a 3-week low of 6.8777 against the US dollar by 7:40 am ET
Monday from its Asian session's high of 6.7690. If the rand
declines further, 6.89 is seen as the next likely target level. The
dollar-rand pair that finished last week's deals at 6.8050 is
presently quoted at 6.8685.
The rand declined as the South African Reserve Bank bought
dollars to prevent the currency's appreciation in December, the
Central Bank said on its website today. Besides, the price of gold
also declined and the South Africa is the second largest producers
of Gold.
In economic news, South Africa's total vehicle sales continued
to increase in December, boosted by strong growth in car sales,
data from the National Association of Automobile Manufacturers of
South Africa or NAAMSA showed today. Total vehicle sales increased
29.6% year-on-year to 39,504 in December from 30,470 vehicles sold
in December 2009.
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