South Africa’s rand stumbles as data shows struggling economy
JOHANNESBURG – South Africa’s rand was weaker early on Thursday as a batch of economic indicators showed the economy was still on its knees following a surprise third quarter contraction.
At 0940 GMT, the rand was 0.4% weaker at 14.6600 per dollar from an overnight close of 14.6020.
Data from the central bank on Thursday showed the country’s current account deficit narrow slightly but remained large, while a measure of monthly business confidence showed firms were still struggling with the tough economic climate and slack demand.
Source: iol.co.za
