The South African rand showed weakness against the US dollar in New York morning deals on Wednesday. The rand slipped to 7.4775 versus the greenback by about 8:30 am ET from European session's multi-day high of 7.3591. Thereafter, the pair reversed its direction and currently trading near 7.4287.

Wednesday, the Statistics South Africa announced that the producer price index or PPI dropped 4% year-on-year in August, compared to the 3.8% fall in the previous month. Economists expected a decline of 3.4%. A year ago, the PPI was up 19.1%.

On a monthly basis, the PPI increased 0.3% in August, slower than the 0.9% growth expected by economists. In July, the PPI was up 2.9%.

US Dollar vs ZAR (FX:USDZAR)
Forex Chart
From Jun 2024 to Jul 2024 Click Here for more US Dollar vs ZAR Charts.
US Dollar vs ZAR (FX:USDZAR)
Forex Chart
From Jul 2023 to Jul 2024 Click Here for more US Dollar vs ZAR Charts.