South African Rand Weakens After Foreign Reserves Decline
The rand fell 0.5% to 16.40 per dollar as South Africa's foreign reserves declined in May. Markets remain cautious ahead of next week's domestic GDP data.
Insights:
South Africa's rand fell 0.5% to 16.40 against the dollar on Friday following a decline in national foreign reserves. International liquidity dropped to $73.47 billion in May from $73.76 billion in April, according to central bank data. The dollar strengthened against a basket of currencies as domestic markets digested the reserve depletion and global energy price volatility.
