Greenback Slides To 6-day Low Against South African Rand
August 26 2010 - 1:53PM
RTTF2
After a choppy trading in European session, the US dollar traded
lower against the South African rand during New York deals on
Thursday. The greenback that closed Wednesday's New York session at
7.3250 versus the rand; plunged to a 6-day low of 7.2745 by about
9:50 am ET. Thereafter, the pair reversed its direction and
presently trading at 7.3168.
South Africa's producer price inflation eased in July from the
previous month.
The producer price index, or PPI, rose 7.7% year-on-year in
July, slower than a 9.4% growth in the previous month, the
Statistics South Africa said today. Economists were looking for an
increase of 8.6%. However, producer prices increased for the eighth
consecutive month. A year earlier, the PPI slipped 3.8%.
On a monthly basis, the PPI rose 1.3% in July, slower than a
2.3% rise expected by economists'. The growth was mainly due to
monthly contributions from increases in the price indices for
electricity, agriculture and gas and water, the statistical office
said. In June, producer prices were up 4%.
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