South African Rand Hits 19-day High Versus Greenback
November 10 2009 - 2:49PM
RTTF2
Against its US counterpart, the South African rand traded higher
during New York deals on Tuesday. At about 10:30 am ET, the rand
climbed to 7.3726 versus the greenback, which may be compared to
yesterday's closing value of 7.4313. This set a 19-day high for the
South African currency. Currently, the pair is at 7.3938. The rand
has been in an upward channel against the greenback for the past 8
days.
Today, a report by Statistics South Africa said the volume of
manufacturing output fell 11.4% year-on-year in September, slower
than a 15.2% drop in the previous month. Economists expected a
13.1% decline. Output has been falling continuously since October
last year.
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