South African rand weakened by economic data
CAPE TOWN – South Africa’s rand was weaker on Thursday on lingering ecomnomic weakness highlighted by the country’s current account deficit and business confidence data.
By 17:45 on Thursday, the rand was down 0.6% at 14.6820 per dollar from an overnight close of 14.6020.
Data from the central bank on Thursday showed the country’s current account deficit has narrowed slightly but less than expected, while a measure of monthly business confidence showed businesses are still struggling with the tough economic climate and slack demand.
Source: iol.co.za
