South African Rand Hits 1-week High Against US Dollar After Interest Rate Report
22 July 2011 - 2:29AM
RTTF2
The South African rand edged up further against the US dollar
and hit a 1-week high of 6.7903 versus the US dollar as the South
Africa's central bank maintained the key interest rate unchanged
for a fourth straight session in New York morning trading on
Thursday. The pair that closed yesterday's North American session
at 6.8664, is currently trading near 6.7918.
The South African Reserve Bank (SARB) Governor Gill Marcus
announced that the Monetary Policy Committee decided to leave the
repurchase rate unchanged at 5.5 percent. The decision was in line
with economists' expectations.
In an another report from the South Africa showed today that
wholesale sales increased 6.6 percent year-on-year in May, faster
than the 4.9 percent rise seen in April, data released by
Statistics South Africa. The latest growth was the biggest since
January, when sales rose 7.6 percent.
On a monthly basis, wholesale sales grew 2 percent in May. In
the three months ended May, wholesale sales grew 5.6 percent from
the same period a year earlier.
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