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Market Update: South African Rand Weakens
The South African rand extended gains for the sixth straight session to trade at 13.7 against the greenback on Thursday, its highest level since February 2019, aided by the dollar languishing near four-month lows. The currency has been supported by the Fed’s dovish stance, rising commodity prices, the positive outlook delivered by the South African Reserve Bank last week and after credit rating agencies S&P Global Ratings and Fitch affirmed South Africas sovereign rating and outlook. On the data front, producer price inflation in South Africa climbed to 6.7% in April, the steepest rise since November of 2018 and slightly above market expectations. [/s2If]
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