Rand Drops as South African Trade Deficit Swells
The South African rand declined today as the nation’s trade balance deficit widened more than experts have predicted, driving investors away from South African assets.
The South African trade gap swelled to 24.5 billion rand ($2.7 billion) in January from 2.7 billion rand in December. Analysts have anticipated a shortage of 9.7 billion rand. The rand dipped after the report, heading to the biggest weekly drop in five months.
USD/ZAR rose from 9.0250 to 9.0813 as of 13:11 GMT today.
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Earlier News About the South African Rand:
- Rand Rebounds on Speculations Losses Were Overdone (2013-02-25)
- North Korean Nuclear Test Spurs Risk Aversion, Rand Suffers (2013-02-12)
- Japan's Monetary Policy Drives Rand Higher (2013-01-22)
- Rand Resumes Drop Even as Strikes End (2013-01-17)
- Rand Ends Five-Day Drop (2013-01-14)