South African Rand Rises on Softer Inflation
The South African rand strengthened against the dollar after annual consumer inflation slowed to 4.3 percent in July. This unexpected drop was driven by lower food and fuel prices. Meanwhile, retail sales also posted modest gains for June.
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The South Africa rand strengthened 0.7% to trade at 16.15 against the USD/ZAR during Wednesday midday trade as consumer inflation cooled. The currency advanced after annual headline inflation slowed to 4.3% in July, coming in below economist expectations.
