RTTN; South African Rand Ticks Up Against US Dollar
(RTTNews) - The South African rand edged higher against the US dollar on Wednesday morning after a government report showed that the nation's inflation rose in December at a lesser pace than expected.
The rand rose 1 percent to 7.56 against the greenback by 8:00 am ET from a session's low of 7.6417. The domestic currency is approaching 7.5410 resistance in near-term, which could set its strongest mark in more than 5 days. The dollar-rand pair that closed yesterday's deals at 7.5811 is presently quoted at 7.5818.
The Statistics South Africa announced that the consumer price index or CPI rose 6.3% year-on-year in December, faster than the 5.8% growth in the previous month. Economists expected an increase of 6.4%.
On a monthly basis, the CPI increased 0.3% in December, after a flat reading in November. Economists were looking for an increase of 0.4%.
