Rand falls as South African unemployment hits 32.7%
The South African rand weakened on Tuesday as the local unemployment rate rose to 32.7 percent. Economists cited job shedding and global tensions as headwinds.
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USD/ZAR rose 0.5% to 16.5175 on May 12 after South Africa reported a first-quarter unemployment rate of 32.7%. The jobless rate climbed from 31.4% and has remained above 30% for more than five years. Job-shedding and insufficient job creation, compounded by potential workers abandoning their employment search, drove the increase.
