South African Rand Slides on Weak Data and Strong Dollar
South Africa's rand weakened against the US dollar as data revealed higher unemployment and declining manufacturing output. The firmer greenback also pressured local assets following hot US inflation figures.
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The USD/ZAR currency pair traded 0.9% higher to 16.5250 during Tuesday afternoon as domestic economic pressures weighed on local markets. The slide comes as South Africa faces rising unemployment and declining manufacturing output. The currency depreciation highlights growing investor caution following recent political setbacks for the ruling party.
