Rand Weakens on Slower Manufacturing Growth
The South African rand dropped versus the US dollar today, following yesterday’s decline, on the speculation that the growth of the manufacturing output slowed in South Africa.
The manufacturing growth fell to 6.7 percent in June, compared to 7.9 percent in May. The strikes continue to threaten the nation’s economic stability as about 31,000 workers from the automotive industry went to the strike to demand the higher wages.
USD/ZAR rose from 7.200 to 7.254 today as of 8:24 GMT after jumping as high as 7.283.
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Earlier News About the South African Rand:
- Rand Goes Down as 1.3 Million Government Workers Go to Strike (2010-08-10)
- Rand Fall as Investors Shun Riskier Currencies (2010-08-04)
- Rand Appreciates as Interest Rates Remained Unchanged (2010-07-26)
- Rand Strengthens as Global Recovery Gains Momentum (2010-07-09)
- South African Rand Strengthens After G-20 Meeting (2010-06-28)